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, $1,100,000 June, $1,400,000: July $1,250,000; and August $1,200,000 Accounts Merchandise Payable Inventory May 31 $130,880 $230,000 June 30 140,000 200,000 July 31 200,000 200,000 August 31 160,000 330,000 August (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July Ending accounts payable Payments on account Subtotal 0 0 Beginning accounts payable Purchases $ ols 0 $ 0 0 August (2) Compute the budgeted amounts of cost of goods sold. Budgeted amounts: June July Beginning inventory Purchases Cost of goods available for sale Ending inventory (200,000) (200,000) Cost of goods sold (330,000)