Using your answer to Practice 21-2, compute how much cash was paid for inventory during the year.
Use the following information for Practices 21-1 through 21-3.
The company provides the following information:

(a) All purchases of inventory were on account.
(b) Sales for the year were $989,400.
(c) Cost of goods sold for the year was$449,200.

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December 31 January 1 Accounts Payable Inventory Accounts Receivable $68,600 47.800 95.000 $72,300 43,100 99,700