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Required information The following information applies to the questions displayed below. In its 2018 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, 2018 2017 Cash flow from operating activities Cash received from customers cash paid to suppliers and employees Interest paid, net Income taxes paid 197,942,040 211,773,952 (191,276,791) (200,474,336) (1,563,990) 406,650) (542,250) Cash provided by operations Cash flow from investing activities Capital expenditures and acquisitions Expenditures for other assets 4,694,609 8,658,843 (3,003,579) (43,560) (1,667,382) (137 420 (1,804,802) Cash used in investing activities (3,047,139) Cash flow from finaneing activitiest Principal payments of long-term debt and lease agreements Addition to long-term debt and lease liability Purchase of common stock and other capital transactions Payment of dividends Cash provided by (used in) financing activities Net increase (decrease) in cash cash at beginning of year 3,042. 428)6,370 15 3,068,378 (1,605,906) 855 558) ,434,847 (908,231) 1,021,968) (1 455 571) (6,865 527) (11,486) 204,101 192,615 191,899 192,615 Cash at end of year 384,514 $ 2018 201 Reconciliation of net income to net cash provided by operations: Net income Depreciation and amortization Deferred income taxes Changes in assets and liabilities, net of acquisitions: Decrease (increase) in receivables Decrease (increase) in inventories Increase (decrease) in prepaid expenses Increase (decrease) in controlled disbursements Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Other, net 1,747,833 2,382,027 3,505,504 205,000 3,525,087 344,766 (2,897,353) 4,120,668 (355,508) 6,041,490 (94,350) 83,718 1,768,676 (8,164,148) 417,616 1.969 361,648 373,394 (14,585) s 4,694,609 8,658, 843 Cash provided by operations Kinney reported cost of goods sold of $168,114,150 in its fiscal 2018 income statement. Required: Assuming that Kinney uses accounts payable strictly for inventory purchases and that all such purchases are on credit, how much cash did Kinney pay during the year for inventories: (a) Cash paid to inventory suppliers (b) Cash paid to employees