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6) Data for inventory, accounts payable (arising from inventory purchases), cash payments on account (to suppliers of inventory), and sales are given below: 12/31/15 2015
6) Data for inventory, accounts payable (arising from inventory purchases), cash payments on account (to suppliers of inventory), and sales are given below: 12/31/15 2015 Inventory. Accounts payable Payments to suppliers Sales......... 1/1/15 $ 30,000 27,000 $ 35,000 25,000 $ 160,000 225,000 The gross profit (sales less cost of goods sold) during the year ended December 31, 2015, amounted to: A) $78,000 B) $72,000 C) $68,000 D) $65,000 E) $52,000
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