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 $85,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. March $ 70,000 Inventory Purchases Budget January February $ $ Budgeted cost of goods sold 60,000 64,000 Plus: Desired ending inventory 6,400 Inventory needed 66,400 Less: Beginning inventory 6,000 $ Required purchases (on account) 60,400 b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Cost of goods sold 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