es Problem 7-18A (Algo) Preparing an inventory purchases budget and schedule of cash payments LO 7-3 Franklin, Incorporated 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 $ 72,000 May $ 82,000 June $ 92,000 July $ 98,000 Franklin had a beginning inventory balance of $3,200 on April 1 and a beginning balance in accounts payable of $15,500. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Franklin makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Franklin 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 Franklin 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 C Required D Prepare an inventory purchases budget for April, May, and June. June Inventory Purchases Budget April May Budgeted cost of goods sold $ 72,000 $ 82.000 $ 92.000 Inventory needed Required purchases (on account) Required A Required B > Problem 7-18A (Algo) Preparing an inventory purchases budget and schedule of cash payments LO 7-3 Franklin, Incorporated 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 $ 72,000 May $82,000 June $92,000 July $ 98,000 ok ences Franklin had a beginning inventory balance of $3,200 on April 1 and a beginning balance in accounts payable of $15,500. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Franklin makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Franklin 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 Franklin 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 C Required D Determine the amount of ending inventory Franklin will report on the end-of-quarter pro forma balance sheet. Ending inventory < Required A Required C > Problem 7-18A (Algo) Preparing an inventory purchases budget and schedule of cash payments LO 7-3 Franklin, Incorporated 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 $ 72,000 May $82,000 June $92,000 July $ 98,000 k nces Franklin had a beginning inventory balance of $3,200 on April 1 and a beginning balance in accounts payable of $15,500. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Franklin makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Franklin 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 Franklin 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 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.) Schedule of Cash Payments April May June Payment of current accounts payable Payment of previous accounts payable Total budgeted payments for inventory ences Problem 7-18A (Algo) Preparing an inventory purchases budget and schedule of cash payments LO 7-3 Franklin, Incorporated 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 $ 72,000 May $82,000 July June $ 92,000 $ 98,000 Franklin had a beginning inventory balance of $3,200 on April 1 and a beginning balance in accounts payable of $15,500. The company desires to maintain an ending inventory balance equal to 10 percent of the next period's cost of goods sold. Franklin makes all purchases on account. The company pays 60 percent of accounts payable in the month of purchase and the remaining 40 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 Franklin 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 Franklin 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 C Required D Determine the balance in accounts payable Franklin will report on the end-of-quarter pro forma balance sheet. Accounts payable