Selected financial statement information for Textile Co. appears below:

Balance Sheet accounts	Jan. 1, 2014	Dec. 31, 2014
Inventory	$210,000	$340,000
Accounts Receivable	$85,000	$60,000

Income Statement (partial)	For the year ended Dec. 31, 2014
Sales	$824,000
Cost of Goods Sold	($658,000)
Gross Profit	$166,000

Calculate (1) the amount of cash collected from customers and (2) the amount of cash spent on inventory for 2014 by Textile Co.