Question: Using the following data, compute the total cash expended for inventory in 2013. Accounts payable: January 1, 2013 . . . . . . .

Using the following data, compute the total cash expended for inventory in 2013.
Accounts payable:
January 1, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 350,000
December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... 525,000
Cost of goods sold-2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,125,000
Inventory balance:
January 1, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...$ 600,000
December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... . . . 540,000

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