Ahmed Company purchases all merchandise on credit. It recently budgeted the following month-end accounts payable balances and merchandise inventory balances. Cash payments on accounts payable during each month are expected to be: May, $1,300,000, June, $1,400,000; July, $1,400,000; and August, $1,400,000 Accounts Payable $140,000 180, 000 300, 000 190,000 Merchandise Inventory $300, 080 300,000 100,000 310, 000 May 31 June 30 July 31 August 31 (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July August Ending accounts payable Payments on account Subtotal Beginning accounts payable Purchases (2) Compute the budgeted amounts of cost of goods sold. Budgeted amounts: July June August Beginning inventory Purchases Cost of goods available tor sale (300.000) (100,000) (310.000) Ending inventory Cost of goods sold