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Thiel Company has budgeted purchases of merchandise inventory of $454,500 in January and $534,500 in February Assume Thiel pays for inventory purchases 50% in the month of purchase and 50% in the month after purchase. The Accounts Payable balance on December 31 is $97 425. Prepare e schedule of cash payments for purchases for January end February, including the calculation for the Accounts Payable balance on February 28 Begin by computing the total cash payments for direct materials for January and February Then, compute the Accounts Payable balance at February 28 (Round all amounts you enter into the budget to the nearest whole dollar If an input field not used in the table leave the input field empty; do not enter a zero) Cash Payments Total merchandise inventory purchases Cash Payments Merchandise Inventory: c.Dec. 31 Accounts Payable, paid in Jan. Jan.an. merchandise inventory purchases paid in Jan. Jan.Jan. merchandise inventory purchases paid in Feb. merchandise inventory purchases paid in Total payments for merchandise inventory January February January February