Calculating Operating Cash Flows (Direct Method) Chakravarthy Company's current year income statement reports the following: Sales $1,237,500 Cost of goods sold 825,000 Gross profit $412,500 Chakravarthy's comparative balance sheets show the following (accounts payable relate to merchandise purchases): End of Year Beg. of Year Accounts receivable $106,500 $90,000 Inventory 163,500 144,000 Accounts payable 46,500 55,500 Compute Chakravarthy's current-year cash received from customers and cash paid for merchandise purchased. Cash received from customers $ Cash paid for merchandise $