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. $1,400.000: June, $1.550.000: July. $1.450.000. and August. $1.300.000 May 31 June 30 July 31 August 31 Accounts Payable $110,880 148,888 288,882 110,880 Merchandise Inventory $219,888 See,80 388,888 398,888 August (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July Ending accounts payable Payments on account Subtotal Beginning accounts payable Purchases August (2) Compute the budgeted amounts of cost of goods sold. Budgeted amounts: June July Beginning inventory Purchases Cost of goods available for sale (500.000) (300.000) Cost of goods sold (390,000)