Spencer company sells lamps and other lighting fixtures. the purchasing department manager prepared the following inventory purchases budget. spencer’s policy is to maintain an ending inventory balance equal to 20 percent of the following month’s cost of goods sold. april’s budgeted cost of goods sold is $77,000.requireda. complete the inventory purchases budget by filling in the missing amounts. jan feb marbudgeted cost of goods sold $55,000 $59,000 $65,000plus: desired ending inventory $11,800 inventory needed $66,800 less: beginning inventory $11,000 required purchases (on account) $55,800 b. determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. cost of goods sold ? c. determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. ending inventory