QS 20-27A Merchandising: Cash payments for merchandise LO P4 Torres Co forecasts merchandise purchases of $15,800 in January, 518,600 in February, and $21200 in March 60% of purchases are paid in the month of purchase and 40% are paid in the following month. At December 31 of the prior year, the balance of Accounts Payable (for December purchases) is 529,000 Prepare a schedule of cash payments for merchandise for each of the months of January February and March TORRES CO. Cash Payments for Merchandise (Budgeted) For January, February, and March January Cash payments for current month's purchases Cash payments for prior month's purchases Budgeted cash payments for purchases February March