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 10 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $78,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. Budgeted cost of goods sold Inventory Purchases Budget Plus: Desired ending Inventory Inventory needed Less: Beginning inventory Required purchases (on account) January February March $ 57,000 $ 61,000 $ 67,000 6,100 63,100 5,700 $ 57,400 b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Cost of goods Bold c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Ending inventory