The following information was reported by three companies. When completing the requirements, assume that any and all purchases on account are for inventory. Azure Corporation $150 Bikes $174 Charlotte's Cycles $368 212 227 206 Cost of goods sold Inventory purchases from suppliers made using cash Inventory purchases from suppliers made on account Cash payments to suppliers on account Beginning inventory Ending inventory Beginning accounts payable Ending accounts payable 156 104 129 50 121 169 206 259 89 126 Required: 1. What amount did each company deduct on the income statement related to inventory? Azure Corporation Best Bikes Charlotte's Cycles 2. What total amount did each company pay out in cash during the period related to inventory purchased with cash and on account? Azure Corporation Best Bikes Charlotte's Cycles Total cash paid 3. By what amount do your answers in requirements 1 and 2 differ for each company? (Input all amounts as positive values.) Azure Corporation Best Bikes Charlotte's Cycles The cash paid is The cash paid is The cash paid is than the income statement deduction by than the income statement deduction by than the income statement deduction by 4. By what amount did each company's inventory increase (decrease)? By what amount did each company's accounts payable increase (decrease)? Azure Corporation Best Bikes Charlotte's Cycles Inventory Accounts payable 5. Using the indirect method of presentation, what amount(s) must each company add (deduct) from net income to convert from accrual to cash basis? (Amounts to be deducted should be indicated with minus sign.) Azure Corporation Best Bikes Charlotte's Cycles Total 0 0 0