The You are examining the financial statements of URMYCPA INC. for the year ended December 31, 2017. company maintains its books on a semi-accrual and semi-cash basis. Purchases and sales are recognized on an accrual basis while other operating expenses are kept on cash basis. The company's bookkeeper presented to you a draft of is statement of income for the year under audit: Sales $ 600,000 Cost of sales 360,000 Gross profit 240,000 Depreciation expense (29,000) Other expenses (166,000) Interest expense (20,000) Net income 25,000 Additional information: 1) All purchases of inventory are on account and other expense reflect those expenses paid in cash during the period.

2) The company had open involce (unpaid Involces) from suppliers amounting to $120,000 on December 31, 2017 and $116,000 on January 1, 2017. 3) The company had outstanding involces (uncollected Involces) to customers amounting to $96,000 on January 1, 2017 and $110.000 on December 31, 2017. 4) inventory taking at the end of each year revealed that inventory on hand on December 31, 2016 amounted to $186,000 whlle inventory on December 31. 2017 was at $174.000.

1) How much was paid for inventory purchases?

2) How much was received from customers in 2017?