Stuart Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Stuart$$s policy is to maintain an ending inventory balance equal to $20$ percent of the following month$$s cost of goods sold. April$$s budgeted cost of goods sold is $$77,000.$

Required

Complete the inventory purchases budget by filling in the missing amounts.

Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.

Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.

Complete this question by entering your answers in the tabs below.

Req AReq B and C

Complete the inventory purchases budget by filling in the missing amounts.

Inventory Purchases Budget

January February March

Budgeted cost of goods sold $$57,000$ $$61,000$ $$67,000$

Plus: Desired ending inventory $12,20015,400$selected answer incorrect $15,400$selected answer correct

Inventory needed $69,20082,400$selected answer incorrect $67,000$selected answer incorrect

Less: Beginning inventory $11,40015,400$selected answer incorrect not attempted

Required purchases $($on account$)$ $$57,800$ not attempted not attempted