Torres Co. forecasts merchandise purchases of $16,800 in January, $19,600 in February, and $20,200 in March; 50% of purchases are paid in the month of purchase and 50% are paid in the following month. At December 31 of the prior year, the balance of Accounts Payable (for December purchases) is $28,000. Prepare a schedule of cash payments for merchandise for each of the months of January, February, and March TORRES CO. Cash Payments for Merchandise (Budgeted) For January, February, and March January Cash payments for current month's purchases Cash payments for prior month's purchases Budgeted cash payments for purchases February March