Based on the following information provided about a company's operations, calculate its cost of goods purchased and its cash paid for merchandise.

Cost of goods sold- 413,000

Merchandise inventory, beginning year- 70,000

Accounts payable, beginning year- 52,000

Merchandise inventory, end of year- 67,000

Accounts payable, end of year- 48,000

Answer rating: 100% (QA)

Cash paid for merchandise Cost of goods sold increase in Inventory increase in Accounts Payable Ca... View the full answer