Question Help Summit Company has budgeted purchases of merchandise inventory of $457,000 in January and $634.500 in February. Assume Summit pays for inventory purchases 70% in the month of the purchase and 30% in the month after purchase. The Accounts Payable balance on December 31 is $97.425. Prepare a schedule of cash payments for purchases for January and February ( an input field is not used in the table leave the input field empty, do not enter a zeno) Cash Payments January February Total merchandise Inventory purchases January February Cash Payments Merchandise inventory: Dec-Dec. 31 Accounts Payable, paid in Jan Jan-an, merchandise inventory purchases paid in Jan. Jan-Jan. merchandise inventory purchases paid in Feb. Feb.-F. marchandise inventory purchases paid in Feb. Total payments for merchandise inventory