Question
Based on the following information provided about a company's operations, calculate its cost of goods purchased and its cash paid for merchandise. Cost of goods
Based on the following information provided about a company's operations, calculate its cost of goods purchased and its cash paid for merchandise.
Cost of goods sold- 413,000
Merchandise inventory, beginning year- 70,000
Accounts payable, beginning year- 52,000
Merchandise inventory, end of year- 67,000
Accounts payable, end of year- 48,000
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