Check my 3 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, $1,300,000, June, $1.400,000: July $1,300,000, and August $1,500,000 Mecent Merchandise Tayable Inventory May 31 $190,000 $260.000 June 30 100,000 300,000 July 31 100,000 400,000 August 31 150.000 340.000 Book August (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts June July Ending accounts payable Payments on account Subtotal Beginning accounts payable Purchases Print Merences 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 (300.000) (400,000) Cost of goods sold (340,000