P2-5 Converting from cash to accrual basis (LO 2-1, LO 2-12) During August 20X1. Packer Manufacturing had the following cash receipts and disbursements: Cash received from customers $319,000 Cash received from selling equipment 11.200 Cash paid for salaries 47.000 Cash paid to suppliers for inventory purchases 130,000 In addition, the following balance sheet account balances were shown on Packer's books: July 31, 20x1 August 31, 20X1 Accounts receivable $128.000 $135,000 Inventory 33.000 25,000 Accounts payable 21,000 25,000 Salaries payable 8,000 5,000 Assume all sales and purchases are on account. Required: 1. Determine sales for August 20X1. 2. Determine salary expense for August 20X1. 3. Determine cost of goods sold for August 20X1