Colerain Corp. is a merchandising company that is preparing a profit plan for the third quarter of the calendar year. The companys balance sheet as of June 30 is shown below: Colerain Corp., Balance Sheet as of June 30 Assets Cash $80,000 Accounts Receivable 126,000 Inventory 52,000 Plant and Equipment, net of depreciation 200,000 Total Assets $458,000 Liabilities and Stockholders Equity Accounts Payable $61,100 Common Stock 300,000 Retained Earnings 96,900 Total liabilities and stockholders equity $458,000 Colerains managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $200,000, $220,000, $210,000, and $230,000 respectively. All sales are on credit and all credit sales are collected. Each months credit sales are collected 30% in the month of sale and 70% in the following month. All of the accounts receivable at June 30 will be collected in July. Each months ending inventory must be equal to 40% of the cost of the next months sales. The cost of goods sold is 65% of sales. The company pays for 50% of its merchandise purchases in the month of purchase and the remaining 50% in the following month. All of the accounts payable at June 30 will be paid in July. Monthly selling and administrative expenses are $65,000. Each month $5,000 of this total amount is depreciation expense and the remaining $60,000 relates to expenses that are paid in the month they are incurred. The company will not borrow money, issue stock, or pay dividends during the third quarter. To answer the following questions, prepare a schedule of merchandise purchases in dollars for July, August, September, and the total for the third quarter. Expected merchandise purchases for July are Expected merchandise purchases for August are Expected merchandise purchases for September are Expected merchandise purchases for the third quarter are