Rottnest Ltd has provided you with the following information:

REQUIRED

Assuming that accounts payable relate only to the purchase of inventory, you are to determine the cash payments made to suppliers during the year

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$60 000 $80 000 Cost of goods sold for the year Purchases for the year (on credit terms) Discounts received for early payment to suppliers $2 000 Stock write-offs owing to water damage caused by melting ice in the Antarctic $5 000 Opening balance of accounts payable $40 000 $35 000 Closing balance of accounts payable Opening balance of inventory Closing balance of inventory $10 000 $25 000