Question: Compute how much inventory was purchased during the year. (a) All purchases of inventory were on account. (b) Sales for the year were $947,900. (c)

Compute how much inventory was purchased during the year.

Compute how much inventory was purchased during the year.

(a) All purchases of inventory were on account.
(b) Sales for the year were $947,900.
(c) Cost of goods sold for the year was$404,600.

December 31 January 1 Accounts Payable. nventory Accounts Receivable .. $58.200 39.400 $61,500 37,300 89,100 87000

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