S22-16 (similar to) Question Help Hill Company has budgeted purchases of merchandise inventory of $457,000 in January and $533,000 in February. Assume Hill pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $97,650. Prepare a schedule of cash payments for purchases for January and February. (If a box is not used in the table leave the box 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