3 Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 8 points Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $77,000. Required eBook a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Hint Complete this question by entering your answers in the tabs below. Print Req A Reg B and C References Complete the inventory purchases budget by filling in the missing amounts. March $ 64,000 Inventory Purchases Budget January February Budgeted cost of goods sold $ 54,000 $ 58,000 11,600 Inventory needed 10,800 Required purchases (on account) $ 54,800 65,600 Req A Req B and C Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. b. Cost of goods sold c. Ending inventory