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Fanning, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July. Budgeted cost of goods sold April $ 79,000 May $89,000 June $99,000 July $105,000 Fanning had a beginning inventory balance of $4,300 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 Required B Required C Required D Prepare an inventory purchases budget for April, May, and June. Inventory Purchases Budget Budgeted cost of goods sold April May June $ 79,000 $ 89,000 $ 99,000 Inventory needed Required purchases (on account) Required A Required B Required C Required D Determine the amount of ending inventory Fanning will report on the end-of-quarter pro forma balance sheet. Ending inventory Required A Required B Required C Required D Prepare a schedule of cash payments for inventory for April, May, and June. (Round your final answers to the nearest whole dollar.) April May June Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory Required A Required B Required C Required D Determine the balance in accounts payable Fanning will report on the end-of-quarter pro forma balance sheet. Accounts payable

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