Vivian Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory May June Required purchases (on account) $108,000 $128,000 $140,000 Vivian Books's accountant prepared the following schedule of cash payments for inventory purchases. Vivian Books's suppliers require that 95 percent of purchases on account be paid in the month of purchase the remaining 5 percent are paid in the month following the month of purchase Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. Schedule of Cash Payments for Inventory Purchases April May June Payment for current accounts payable 102,600 121,600 133,000 Payment for previous accounts payable 13.000 5,400 6.400 Total budgeted payments for inventory 115,600 127,000 139,400 b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter. unts payable 7,000 eBook & Resources eBook: LO 14-3 Prepare an inventory purchases budget and related schedule of cash payment