Nevada Boot Co. reported net income of $217,400 for its year ended December 31, 2018. Purchases totaled $153,800. Accounts payable balances at the beginning and end of the year were $36,900 and $31,500, respectively. Beginning and ending inventory balances were $42,200 and $48,000, respectively. Assuming that all relevant information has been presented, Nevada Boot would report operating cash flows of:

Multiple Choice

• $206,200.

• $159,600.

• $159,200.

• $228,600.