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7. Homework O Saved 5 Benson, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June. and July. Jul Budgeted cost of goods sold $73,000 $83,000 $93,000$99,800 452 473 Benson had a beginning inventory balance of S4,500 on April 1 and a beginning balance in accounts payable of $15,000. The Benson had a beginning inventory balance of $4,500 on April 1 and a beginning balance in accounts payable of $15,000. The company desires to maintain an ending inventory balance equal to 15 percent of the next period's cost of goods sold. Benson 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. kipped Required Book a. Prepare an inventory purchases budget for April, May, and June b. Determine the amount of ending inventory Benson 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. erences d. Determine the balance in accounts payable Benson 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