Torres Company budgets merchandise purchases of $14,800 in January, $18,600 in February, and $21200 in March. For those purchases, 40% of purchases are paid in the month of purchase and 60% are paid in the month after the purchase. The company purchased $26,000 of merchandise in December Prepare a schedule of cash payments for merchandise for the months of January, February, and March Answer is complete but not entirely correct. TORRES COMPANY Cash Payments for Merchandise Purchases January February March Merchandise purchases $ 14,800 $ 18,600 $ 21200 Cash payments for Current period purchases $ 7400 $ 9,300 $ 10,500 Prior period purchases 11.000 7,400 9,300 Total cash payments for merchandise $ 18,400 $ 16,700 purchases $ 19,900