G october sales are estma X ps:/ mework Saved Help Exercise 14-7 Preparing an inventory purchases budget LO 14-3 Lumpkin Company sells lamps and other lighting foxtures. The purchasing department manager prepared the following inventory purchases budget Lumpkin's policy is to maintain an ending inventory balance equal to 10 percent of the following month's cost o goods sold. April's budgeted cost of goods sold is $40,000 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 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. RegA Reg B and c Complete the inventory purchases budget by filling in the missing amounts Inventory Purchases Budge January February March Budgeied cost of goods soid 5 32 000s 35 5 35.000