8. BITCO purchases all merchandise on credit. It budgeted the following month-end accounts payable and merchandise Inventory balances; it also budgeted cash disbursements as indicated. Compute the budgeted merchandise purchases and cost of goods sold for February AIP Merch. Inv. Cash Disb. Jan. 31 220000 390000 Jan. 1600000 Feb. 28 240000 305000 Feb. 1490000 Merchandise Purchases $250,000; Cost of Goods Sold $254,000. Merchandise Purchases $169,000; Cost of Goods Sold $254,000. Merchandise Purchases $254,000; Cost of Goods Sold $169,000. Merchandise Purchases $169,000; Cost of Goods Sold $250,000. None of the above