Thornton, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May June, and July April $70,000 July $96,000 May $80,000 June $90,000 Budgeted cost of goods sold Thornton had a beginning inventory balance of $3,000 on April 1 and a beginning balance in accounts payable of $14,700. The company desires to maintain an ending inventory balancee equal to 10 percent of the next period's cost of goods sold. Thornton 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 Thornton 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 Thornton will report on the end-of-quarter pro forma balance sheet