Using the following information and assuming that all inventory is purchased on account, compute cash paid for
Question:
Using the following information and assuming that all inventory is purchased on account, compute cash paid for inventory:
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $36,843
Inventory, beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,110
Inventory, ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,982
Accounts payable, beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,576
Accounts payable, ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,718
Step by Step Answer:
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain