For the year just ended, net credit sales for Vorce Co. equaled $1.5 million, and cash sales were $300,000. Cost of sales was $1 million. If inventory increased by $20,000 during the year while accounts payable incurred to acquire goods for resale decreased by $8,000, the amount of cash paid for inventory during the year must have been

Multiple Choice

• $988,000

• $1,000,000

• $1,012,000

• $1,028,000