Ahmed company purchases all merchandise on credit. it recently budgeted the following month-end accounts payable balances and merchandise inventory balances. cash payments on accounts payable during each month are expected to be: may, $1,200,000; june, $1,500,000; july, $1,400,000; and august, $1,400,000accountspayable merchandise inventorymay 31 $ 150,000 $ 260,000 june 30 130,000 500,000 july 31 300,000 300,000 august 31 120,000 330,000 (1) compute the budgeted amounts of merchandise purchases. budgeted amounts: june july augustending accounts payable payments on account subtotal 0 0 0beginning accounts payable purchases $0 $0 $0(2) compute the budgeted amounts of cost of goods sold. budgeted amounts: june july augustbeginning inventory purchases cost of goods available for sale ending inventory (500,000) (300,000) (330,000)cost of goods sold $