A companys inventory account increased $26,500 and its accounts payable account decreased $18,250 during the year. The

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Question:

A company’s inventory account increased $26,500 and its accounts payable account decreased $18,250 during the year. The accounts payable relates only to the acquisition of inventory. Sales were $789,500 and cost of goods sold was $532,700. What was the amount of payments to suppliers of inventory?

A) $540,950

B) $834,250

C) $550,950

D) $577,450