Using your answer to Practice 212, compute how much cash was paid for inventory during the year.
Question:
(a) All purchases of inventory were on account.
(b) Sales for the year were $947,900.
(c) Cost of goods sold for the year was$404,600.
Transcribed Image Text:
December 31 January 1 Accounts Payable. Inventory Accounts Receivable $58,200 39.400 87,000 $61,500 37,300 89,100
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Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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