Thornton, Incorporated sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July:

$\backslash$table$[[$Budgeted cost of goods sold,April,May,June,July$],[688,000,$$$78,000,$$$88,000,$$$94,000,]]$

Thornton had a beginning inventory balance of $$2,700$ on April $1$ and a beginning balance in accounts payable of $$15,500.$ The company desires to maintain an ending inventory balance equal to $20$ percent of the next period's cost of goods sold. Thornton makes all purchases on account. The company pays $65$ percent of accounts payable in the month of purchase and the remaining $35$ 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.

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

Required B

Prepare an inventory purchases budget for April, May, and June.

$\backslash$table$[[$Inventory Purchases Budget,April,May,June$],[$Budgeted cost of goods sold,$$,68,000,$$$,78,000,$$$,88,000],[$Inventory needed,,,,,,$],[,,,,,,],[$Required purchases $($on$,,,,,,]]$