(Calculate cash payments, LO 3) In its May 31, 2014 financial statements, Maloneck Ltd. (Maloneck) reported that it had inventory of $65,000 and accounts payable of

$54,000 on May 31, 2013, and inventory of $59,000 and accounts payable of $72,000 on May 31, 2014. Maloneck’s income statement for the year ended May 31, 2014, reported cost of goods sold of $525,000.

Required:

Calculate the amount of cash that Maloneck paid to suppliers for purchases of inventory during fiscal 2014. Assume that accounts payable pertain only to the purchase of inventory on credit.