7. All inventory is purchased on account, and all accounts payable relate to inventory. The beginning balance in Accounts Payable was $352,000, and the ending balances in Inventory and Accounts Payable were $360,000 and $472,000, respectively. A total of $272,000 was paid to suppliers during the year, and cost of goods sold for the year was $544,000. What was the beginning balance in Inventory? a. $752,000 b. $512,000 c. $352,000 (1. $208,000 e. None of the above