Question: Direct Method Using the following data for Smith & Sons, calculate the cash paid for merchandise purchased: Cost of goods sold $324,000 Inventory, January 1

Direct Method Using the following data for Smith & Sons, calculate the cash paid for merchandise purchased: Cost of goods sold $324,000 Inventory, January 1 57,000 Inventory, December 31 66,000 Accounts payable, January 1 33,000 Accounts payable, December 31 21,000 Cash paid for merchandise purchased $Answer

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