Question: Using the following data, compute the total cash expended for inventory in 2011. Accounts payable: January 1, 2011 . . . . . . .

Using the following data, compute the total cash expended for inventory in 2011.
Accounts payable:
January 1, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 350,000
December 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525,000
Cost of goods sold—2011 . . . . . . . . . . . . . . . . . . . . . . . . 1,080,000
Inventory balance:
January 1, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 600,000
December 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540,000

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