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Selected financial statement information for Filmco appears below: Balance Sheet accounts Jan. 1, 2010 Dec. 31, 2010 Inventory $210,000 $90,000 Accounts Receivable $85,000 $45,000 Income

Selected financial statement information for Filmco appears below:

Balance Sheet accountsJan. 1, 2010Dec. 31, 2010
Inventory$210,000$90,000
Accounts Receivable$85,000$45,000
Income Statement (partial)For the year ended Dec. 31, 2010
Sales$900,000
Cost of Goods Sold$730,000
Gross Profit$170,000


Calculate :

a). the amount of cash collected from customers and

b). the amount of cash spent on inventory for 2010 by Filmco.

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