Sand Dollar Company purchases all merchandise on credit. It recently budgeted the following month-end accounts payable balances and merchandise inventory balances. Cash payments on accounts payable during each month are expected to be: May, $1,300,000; June, $1,450,000; July, $1,350,000; and August, $1,400,000.

Accounts

PayableMerchandise InventoryMay 31$120,000$250,000June 30170,000400,000July 31200,000300,000August 31160,000330,000

1.Compute the budgeted amounts of merchandise purchases for June, July, and August.(Omit the "$" sign in your response.)

JuneJulyAugustBudgeted merchandise purchases$$$

2.Compute the budgeted amounts of cost of goods sold for June, July, and August.(Omit the "$" sign in your response.)

JuneJulyAugustBudgeted cost of goods sold$$$