Summit Company has budgeted purchases of merchandise inventory of $$457,000$ in January and $$533,750$ in

see score 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 $28.$

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see score

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$[[,$January,February$],[$Total merchandise inventory purchases,$457,000,533,750],[$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.,,$]]$