[The following information applies to the questions displayed below.) Sound Check, a merchandising company specializing in home computer speakers, budgets its monthly cost of goods sold to equal 70% of sales. Its Inventory policy calls for ending Inventory in each month to equal 25% of the next month's budgeted cost of goods sold. All purchases are on credit, and 20% of the purchases in a month is paid for in the same month. Another 50% is paid for during the first month after purchase, and the remaining 30% is paid for in the second month after purchase. The following sales budgets are set: July, $300,000; August, $240,000: September, $270,000; October, $240,000; and November, $210.000. 1. value 10.00 points (1) Compute the budgeted merchandise purchases for July, August, September, and October. (Omit the "$" sign in your response.) July August September October Budgeted merchandise purchases $ 2. value: 10.00 points (2) Compute the budgeted payments on accounts payable for September and October. (Omit the "S" sign in your response.) September October Budgeted payments on accounts payable $