Spencer Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Spencers policy is to maintain an ending inventory balance equal to 15 percent of the following months cost of goods sold. Aprils budgeted cost of goods sold is $76,000.

	January	February	March
Budgeted costs of goods sold	$53,000	$57,000	$63,000
Plus: Desired ending inventory	$8,550	???	???
Inventory needed	$61,550	???	???
Less: Beginning inventory	$7,950	???	???
Required purchases (on account)	$53,600	???	??

A) Complete the inventory purchases budget above by filling in the missing amounts. B) Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. C) Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.