Use the following information for the Quick Study below. (Algo) The follong information appiles to the questlons displayed belom] A comparative balance sheet and income statement is shown for cruz, Incorperated CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $512,300329,700182,60093,50039,40049,70018,100$31,600 QS 12-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 2020? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2020 ? Hint: Examine prepaid exp wages payable \begin{tabular}{|l|l|} \hline 1 Cash paid for inventory \\ \hline 2 Cash paid tor operating expenses \\ \hline \end{tabular} A comparative balance sheet and income statement is shown for Cruz, Incorporated QS 12-28B (Algo) Direct: Computing cash from operations LO P5 QS 12-28B (Algo) Direct: Computing cash from operations LO P5 Use the above balance sheet and income statement to prepare the operating activitles section by alrect method. Assume all the sales were made on credit basis Note: Amounts to be deducted should be Indicated with a minus sign