Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances and merchandise Inventory balances below. Cash payments on accounts payable during each month are expected to be May, $1,600,000 June $1.490,000: July $1,425,000; and August $1.495,000 May 31 June 30 July 31 August 31 Account Merchandise Payable Tnventory $150,000 $250,000 200,000 400,000 235,000 300.000 195.000 330,000 August (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July Ending accounts payable Payments on account Subtotal Beginning accounts payable Purchases (2) Compute the budgeted amounts of cost of goods sold. Budgeted amounts: June Beginning inventory July August August (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July Ending accounts payable Payments on account Subtotal Beginning accounts payable Purchases July August (2) Compute the budgeted amounts of cost of goods sold. Budgeted amounts: June Beginning inventory Purchases Cost of goods available for sale Ending inventory (400,000) Cost of goods sold (300.000) (330,000)