Jefferson Company has budgeted purchases of merchandise inventory of $457,500 in January and $533,250 in February. Assume Jefferson pays for inventory purchases 70% in the month of purchase and 30% in the month after purchase. The Accounts Payable balance on December 31 is $98,275. Prepare a schedule of cash payments for purchases for January and February, including the calculation for the Accounts Payable balance on February 28. Begin by computing the total cash payments for direct materials for January and February. Then, compute the Accounts Payable balance at February 28. (Round all amounts you enter into the budget to the nearest whole dollar. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments Total merchandise inventory purchases Cash Payments Merchandise Inventory: Dec.-Dec. 31 Accounts Payable, paid in Jan. Jan.-Jan. merchandise inventory purchases paid in Jan. Jan.-Jan. merchandise inventory purchases paid in Feb. Feb.Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventory Accounts Payable balance, February 28 Feb.-Feb. direct material purchases paid in Mar. January February January February