Check my Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Fanning Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Fanning'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 $78,000. Required 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. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. e unswers in the tabs below. Reg A Req B and C Complete the inventory purchases budget by filling in the missing amounts. March $ 63,000 Inventory Purchases Budget January February Budgeted cost of goods sold $ 53,000 $ 57,000 Plus: Desired ending inventory 11,400 Inventory needed 64,400 Less: Beginning inventory 10,600 Required purchases (on account) $ 53,800 Req B and C > Help Complete this question by entering your answers in the tabs below. Reqa Req Banec 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