Complete this question by entering your answers in the tabs below. Req A Req B and C 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 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. Inventory Purchases Budget January $ Budgeted cost of goods sold Inventory needed Required purchases (on account) $ February 60,000 $ 64,000 $ 70,000 9,600 69,600 9,000 60,600 March

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Carmen Company sells jar candles. The sales forecast (units) for the coming months is: April 210 May 140 June 150 July 200 August 160 Each candle costs $ 10. The ending inventory policy is 40% of next month's sales needs. April 1 inventory will be as expected under the policy. Carmen pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $2,460. Required: a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign.a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign. b. Prepare a cash payments budget for the quarter ending June 30.

Summit Company has budgeted purchases of merchandise inventory of $457,500 in January and $533,750 in February. Assume Summit pays for inventory purchases 40​% in the month of the purchase and 60​% in the month after purchase. The Accounts Payable balance on December 31 is $97,350. Prepare a schedule of cash payments for purchases for January and February. Cash Payments                                                      January                        February   Total merchandise inventory purchases   Cash Payments     Merchandise Inventory:     Dec.—Dec. 31 Accounts Payable, paid in Jan.     Jan.—Jan. merchandise inventory purchases paid in Jan.     Jan.—Jan. merchandise inventory purchases paid in Feb.     Feb.—Feb. merchandise inventory purchases paid in Feb.     Total payments for merchandise inventory