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. April's budgeted cost of goods sold is $77,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March $ $ $ Budgeted cost of goods sold 60,000 64,000 70,000 Plus: Desired ending inventory 9,600 Inventory needed 69,600 Less: Beginning inventory 9,000 $ Required purchases (on account) 60,600 b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter. Accounts payable