Required information [The following information applies to the questions displayed below.) The following information is from the manufacturing budget and budgeted financial statements of Altman Corp.: Direct materials inventory, 1/1 Direct materials inventory, 12/31 Direct materials budgeted for use during year Accounts payable to suppliers, 1/1 Accounts payable to suppliers, 12/31 $ 92,000 $ 108,000 $ 350,000 $ 60,000 $ 70,000 For the year, budgeted purchases of direct materials amounted to: Required information (The following information applies to the questions displayed below.) The following information is from the manufacturing budget and budgeted financial statements of Altman Corp. Direct materials inventory, 1/1 Direct materials inventory, 12/31 Direct materials budgeted for use during year Accounts payable to suppliers, 1/1 Accounts payable to suppliers, 12/31 $ 92,000 $ 108,000 $ 350,000 $ 60,000 $ 70,000 For the year, budgeted cash payments to suppliers amounted to