Transcribed image text: Summit Company has budgeted purchases of merchandise inventory of $454,500 in January and $532,000 in February. Assume Summit pays for inventory purchases 60% in the month of the purchase and 40% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. Prepare a schedule of cash payments for purchases for January and February. (If a box is not used in the table leave the box empty; do not enter a zero.) Cash Payments January February Total merchandise inventory purchases 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. Total payments for merchandise inventory