The following information is available for a company. What amount of cash is paid for merchandise for the current year?

Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . $545,000 Merchandise inventory, prior year-end . . . . . . . . . 105,000 Merchandise inventory, current year-end . . . . . . . 112,000 Accounts payable, prior year-end . . . . . . . . . . . . . 98,500 Accounts payable, current year-end . . . . . . . . . . . 101,300

a. $545,000

b. $554,800

c. $540,800

d. $535,200

e. $549,200.AppendixLO1