Summit Company has budgeted purchases of merchandise inventory of $$457,000$ in January and $$533,750$ in February. Assume Summit pays for inventory purchases $60\%$ in the month of purchase and $40\%$ in the month after purchase. The Accounts Payable balance on December $31$ is $$97,825.$ Prepare a schedule of cash payments for purchases for January and 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 is not used in the table leave the input field empty; do not enter a zero.$)$

Cash Payments

$\backslash$table$[[$Total merchandise inventory purchases,January,February$],[$Cash Payments,,February$],[$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.,$,]]$