Question: Using the following data, compute the total cash expended for inventory in 2008. Accounts payable: January 1, 2008 . . . . . . .

Using the following data, compute the total cash expended for inventory in 2008.
Accounts payable:
January 1, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000
December 31, 2008. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000
Cost of goods sold—2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000
Inventory balance:
January 1, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000
December 31, 2008. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000

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