Spencer Company sells lamps and other lighting fodures. 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 Budgeted cost of goods sold 54,000 58,000 64,000 Plus. Desired ending inventory5,800 Inventory needed Less Beginning inventory Requred purchases (on accoun $4 400 59,800 5,400 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 aft the end of the first quarter Type here to search