Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Thornton'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 $85,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. 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 at the end of the first quarter. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. March Inventory Purchases Budget January February Budgeted cost of goods sold $ 55,000 $ 59,000 $ Plus: Desired ending inventory 11,800 13,600 X Inventory needed 66,800 72,600 X Less: Desired beginning inventory 11,000 11,800 Required purchases (on account) $ 55,800 $ 60,800 X $ 65,000 17,000 82,000 13,000 69,000 Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Thornton'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 $85,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. 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 at the end of the first quarter. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A Req B and C 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. b. Cost of goods sold Ending inventory $ 179,000 $ 13,000 X C.