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Geographic Enterprise's Inventory account decreased by $37,500 and its Accounts Payable account (which relates solely to the purchase of merchandise) decreased by $13,750 during the
Geographic Enterprise's Inventory account decreased by $37,500 and its Accounts Payable account (which relates solely to the purchase of merchandise) decreased by $13,750 during the year. Geographic also reported sales of $856,000 and cost of goods sold of $590,600 during the same period. The company always purchases inventory on account during the year.
What is the amount of Geographic's cash payments to its suppliers for inventory during the year?
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