Graded Practice #4 Saved 7 1.74 points Skipped Peabody had a beginning inventory balance of $4,200 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. Peabody 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. Prepare an inventory purchases budget for April, May, and June. eBook References Inventory Purchases Budget Budgeted cost of goods sold April May June $ 69,000 $ 79,000 $ 89,000 Inventory needed 69,000 79,000 89,000 Required purchases (on account) $ 69,000 $ 79,000 $ 89,000 Help Save & Exit Submit Check my work b. Determine the amount of ending inventory Peabody will report on the end-of-quarter pro forma balance sheet. Ending inventory c. Prepare a schedule of cash payments for inventory for April, May, and June. Schedule of Cash Payments Payment of current accounts payable Payment of previous accounts payable April May June Total budgeted payments for inventory $ $ 0 $ 0 d. Determine the balance in accounts payable Peabody will report on the end-of-quarter pro forma balance sheet. Peabody, Inc., sells fireworks. The company's marketing director developed the followi cost of goods sold budget for April, May, June, and July. July May June $69,000 $79,000 $89,000 $95,000 April Budgeted cost of goods sold Peabody had a beginning inventory balance of $4,200 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. Peabody 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