The financial statements of Garver, Incorporated, provide the following information for the current year. December 31 Accounts receivable $ 70,000 Inventory $ 110,000 Prepaid expenses $ 24,000 Accounts payable (for merchandise) $ 66,000 Accrued expenses payable $ 30,000 Net sales $ 520,000 Cost of goods sold $ 260,000 Operating expenses (including depreciation of $36,000) $ 160,000 What is the amount of the cash payments for purchases of merchandise during the current year? January 1 $ 80,000 $ 102,000 $ 28,000 $ 64,000 $ 40,000 Multiple Choice $260.000 $250.000 $266,000