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LaRoe Lawns inventory increased during the year by $5.5 million. Its accounts payable increased by $4.7 million during the same period. Required: What is the
LaRoe Lawns inventory increased during the year by $5.5 million. Its accounts payable increased by $4.7 million during the same period. Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $33 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.
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