The Salem Corporation sells inventory costing $15,000 each month during Year 1. At the beginning of the year, the company's balance sheet showed inventory with a balance of $22,000 and accounts payable of $19,000. At the end of the year, the balance sheet reported inventory and accounts payable both with balances of $20,000. On a statement of cash flows where operating activities are reported by means of the direct method, what is the amount of cash paid for inventory for the year?

Answer rating: 100% (QA)

Heres the breakdown 1 Inventory Changes Beginning inventory 22000 Ending inventory 20000 Inventory h... View the full answer