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, $1300,000; and August, $1,500,000 May 11 June 30 July 31 Payable Invento 160,000 $250,000 100.000 0,000 400,000400,080 August 31 130,000 340,000 Ending accounts payablke Payments on acoount Beginning accounts payable 2) Compute the budgeted amounts of cost of goods sold. Begiming inventory of goods available for sale Ending inventory Cost of goods (400,000) (340,000 C Prev 9of9 l Next 3 4 5 6