write clear

Fanning, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, July Budgeted cost of goods sold April 569,000 May $79,000 June $89,000 July $95,000 Fanning had a beginning inventory balance of $4,200 on April 1 and a beginning balance in accounts payable of $15,600. The company desires to maintain an ending inventory balance equal to 20 percent of the next period's cost of goods sold. Fanning 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 Fonning 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 Fanning will report on the end-of-quarter pro forma balance sheet Complete this question by entering your answers in the tabs below. Required A Required B Required Required Prepare an inventory purchases budget for April, May, and June: Inventory Purchases Budget Budgeted cost of goods sold April May June $ 69,000 $ 79,000 580.000 59.000 79.000 89.000