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Shown below in T-account format are the beginning and ending balances ( $ in millions) of both inventory and accounts payable. Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $250 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. L rrepare a summary entry tnat represents the net entect or mercnanase purcnases auring the reporung penoa. ( Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $250 million. (Enter your answer in millions rounded to 1 decimal place (1.e.,5,500,000 should be entered