A company reported cost of goods sold of $661,440 for the year. During the year, inventory increased from a $144,000 beginning balance to a $172,800 ending balance, and accounts payable increased from a $45,120 beginning balance to a $52,800 ending balance.

How much cash was paid for merchandise purchased during the year?

$640,320

$690,240

None of these are correct

$661,440

$682,560

Answer rating: 100% (QA)

Beginning inventory 144000 Ending inventory 172800 Increase in inventory 172800 144000 28800 Begi... View the full answer