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 Cash flow from operating activities Cash received from customers (190,576,791) (199,774,336) (1,748,523) Cash paid to suppliers and employees Interest paid, net Income taxes paid Cash provided by operations (1,213,990) (476,6501 (612,250 8,938,843 4, 834,609 Cash flow from investing activities: Capital expenditures and acquisitions Expenditures for other assets (2,653,579) (1,317, 382) (50,560) (2,704,139) Cash used in investing activities (1,461,802) Cash flow Erom finaneing activities Principal payments of long-term debt and lease agreements ddition to long-term debt and lease liability Purchase of conmon stock and other capital transactions Paynent of dividends Cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year (2,412,485) (7,000,175) 1,504, 847 (943,231) 25,5581(1,056,968) 945 571) 17 495 527) (18,486) 3,068,378 (1,675,906) 184,899 77,514 $ 192,615 2018 2017 Reconci1iation of net income to net cash provided by operations Net income Depreciation and anortization Deferred income taxes s1,804,533 2,567,457 3,595,087 351,766 3,575,504 212,000 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 acerued expenses Other, net Cash provided by operations (2,967,353) ,508) 4,190,668 6,048,490 (97,850) 90,718 1,838,676(8,234,148) 424, 616 039 8,938,843 368,648 380,394 (15,285) $ 4,834,609 Kinney reported cost of goods sold of $168,814,150 in its fiscal 2018 income statement. Compute Kinney's net inventory purchases during the year