Stuart, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, Ju and July. Budgeted cost of goods sold April May $61,000 $71,000 June $81,000 July $87,000 Stuart had a beginning inventory balance of $4,300 on April 1 and a beginning balance in accounts payable of $14,000. The comp desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Stuart makes all purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 perce 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.