Assume a merchandising company had credit sales of $380,000, cost of goods sold of $214,000, and net income of $60,000. It provided the following excerpts from its balance sheet This Year Last Year Current assets: Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Income taxes payable $ 50,000 $11,000 $ 40,000 $ 46,000 $ 53,000 $ 15,000 $ 39,000 $ 44,000 5 13,000 $ 10,000 If the company purchases its merchandise inventory on account, then based solely on the information neovided. the company's cash paid for inventory purchases would be Mute Choce $22.000 If the company purchases its merchandise Inventory on account, then based solely on the information provided, the company's cash paid for inventory purchases would be Multiple Choice $212,000 $222,000 $25.000 $200.000