Use the following information for 5 through 7. The company provides the following information: Accounts Payable Inventory Accounts Receivable. December 31 $68,600 47,800 95.000 January 1 $72,300 C 43.100 99,700 C (a) All purchases of inventory were on account. (b) Sales for the year were $989,400. (c) Cost of goods sold for the year was $449,200. 5 Compute how much cash was collected from customers during the year. 6 Compute how much inventory was purchased during the year. 7 Compute how much cash was paid for inventory during the year