Stuart, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. Budgeted cost of goods sold April $60,000 May $70,000 June $80,000 July $86,000 Stuart had a beginning inventory balance of $4,000 on April 1 and a beginning balance in accounts payable of $14,600. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Stuart makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 percent in the month following purchase. Required a. Prepare an inventory purchases budget for April, May, and June. b. Determine the amount of ending inventory Stuart will report on the end-of-quarter pro forma balance sheet. c. Prepare a schedule of cash payments for inventory for April, May, and June. d. Determine the balance in accounts payable Stuart will report on the end-of-quarter pro forma balance sheet. Required A Required B Required C Required D Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget Budgeted cost of goods sold April $ 60,000 $ May June 70,000 $ 80,000 Inventory needed 60,000 70,000 80,000 Required purchases (on account) $ 60,000 $ 70,000 $ 80,000 Required A Required B Required C Required D Determine the amount of ending inventory Stuart will report on the end-of-quarter pro forma balance sheet. Ending inventory Required A Required B Required C Required D Prepare a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar.) April May June Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory $ 0 $ 0 $ 0 Required A Required B Required C Required D Determine the balance in accounts payable Stuart will report on the end-of-quarter pro forma balance sheet. Accounts payable