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The following information was reported by three companies. When completing the requirements, assume that any and all purchases on account are for inventory. Murgatroyd Ovendin Lopez Cost of roods sold Manufacturing Industries Incorporated Inventory purchases from suppliers made using cash $ 219,000 $ 200,000 5 416,000 Inventory purchases from suppliers made on account 255.000 232,000 211,000 Cash payments to suppliers on account 255,000 0 151,000 215,000 Beginning inventory 111,000 124,000 211,000 Ending inventory 147,000 127,000 272,000 Beginning accounts payable 115,000 91.000 Ending accounts payable 175,000 11,000 Required: 1. What amount did each company deduct on the income statement related to inventory? 2. What total amount did each company pay out in cash during the period related to inventory purchased with cash and on account? 3. By what amount do your answers in requirements 1 and 2 differ for each company? 4. By what amount did each company's inventory increase (decrease)? By what amount did each company's accounts payable Increase (decrease)? 5. Using the Indirect method of presentation, what amounts) must each company add(deduct) from net income to convert from accrual to cash basis? Complete this question by entering your answers in the tabs below. Required Required 4 Requited Required: Required dninmiffarine IS! educt) tror Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 What amount did each company deduct on the income statement related to inventory? Murgatroyd Manufacturing $ 219,000 Oxendine Lopez Industries Incorporated 208,000 $ 416,000 Cost of Goods Sold $ Required Required 2 > Hy the indirect method of presentation, what amount(s) must each company add (deduct) from net accrual to cash basis? Complete this question by entering your answers in the tabs below. Required 1 Required Required 3 Required 4 Required 5 What total amount did each company pay out in cash during the period related to inventory purchased with cash account? Murgatroyd Manufacturing $ 255,000 Oxendine Industries Lopez Incorporated $ 222,000 Total Cash Paid $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 By what amount do your answers in requirements 1 and 2 differ for each company? Murgatroyd Manufacturing Oxendine Industries Lopez Incorporated Difference Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required W Required 5 By what amount did each company's inventory increase (decrease)? By what amount did each company's accounts payable increase (decrease)? Murgatroyd Oxendine Lopez Manufacturing Industries Incorporated Inventory Accounts Payable accrual to cash basis? us) must each company add (deduct) from net inco Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Relgiired 5 Using the indirect method of presentation, what amount(s) must each company add (deduct) from net income to conv accrual to cash basis? Murgatroyd Manufacturing Oxendine Industries Lopez Incorporated inventory Accounts Payable Total