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, $1,200,000; June $1,350,000. July. $1,350,000, and August, $1,500,000 $120,000 $218,808 140,000 480,898 300,808 580,000e 150,000310,0e0 May 31 June 30 July 31 August 31 (1) Compute the budgeted amounts of merchandise purchases. Ending accounts payable Payments on account Subtotal Beginning accounts payable Purchases (2) Compute the budgeted amounts of cost of goods sold. Budgeted amounts: June Ju August Beginning inventory Purchases Cost of goods available for sale Ending inventory Cost of goods sold (400.000) (500,000) (310,000)