Mickey Company has budgeted purchases of merchandise inventory of $457,000 in January and $533,250 in February. Assume Mickey pays for inventory purchases 50% in the month of purchase and 50% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. Prepare a schedule of cash payments for purchases for January and February, including the calculation for the Accounts Payable balance on February 28.

Mickey Company has budgeted purchases of merchandise inventory of $457,000 in January and $533,250 in February. Assume Mickey pays for inventory purchases 50% in the month of purchase and 50% in the month after purchase. The Accounts Payable balance on December 31 is $98, 150. 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 January February Total merchandise inventory purchases January February 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