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Last year Anderson Corporation reported a cost of goods sold of $112,000. The company's inventory at the beginning of the year was $13,400, and its
Last year Anderson Corporation reported a cost of goods sold of $112,000. The company's inventory at the beginning of the year was $13,400, and its inventory at the end of the year was $22,600. The prepaid expense account increased by $3,200 between the beginning and end of the year, and the accounts payable account decreased by $5,200. Cost of goods sold adjusted to the cash basis under the direct method would be:
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