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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, $1,450,000; July, $1,300,000; and August, $1,400,000 Accounts Merchandise Payable Inventory May 31 $160,000 $230,000 June 30 130,000 200,000 July 31 100,000 200,000 August 31 160,000 330,000 (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July August Ending accounts payable Payments on account Subtotal 0 0 Beginning accounts payable Purchases 0 $ 0 0 (2) Compute the budgeted amounts of cost of goods sold. Budgeted amounts: June July August Beginning inventory Purchases Cost of goods available for sale Ending inventory (200,000) (200,000) (330,000) Cost of goods sold