Spencer Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Spencer's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. Apri's budgeted cost of goods sold ls $78,000. Required a. Complete the inventory purchases budget by filing in the missing amounts. Inventory Purchases Budget uaryMarch Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inventory Required purchases (on account) 56,000 60,000 66,000 9,000 65,000 8.400 56,600 b. Determine the amount of cost of goods soid 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