Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. Inventory Beginning balance Ending balance 105.0 109.5 Accounts Payable 30.0 Beginning balance 33.6 Ending balance Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $270 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporti of goods sold was $270 million. (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 sh as 5.5).) Cash paid to suppliers million < Required 1 Required 2 >