(Calculate cash payments using the direct method, LO 4) In its May 31, 2004 annual report, Maloneck Ltd. (Maloneck) reported that it had Inventory of $87,500 and Accounts Payable of $52,000 on May 31, 2003, and Inventory of $98,000 and Accounts Payable of $61,000 on May 31, 2004. Maloneck’s income statement for the year ended May 31, 2004 reported Cost of Goods Sold of $610,000.

Required:

Calculate the amount of cash that Maloneck paid to suppliers for purchases of inventory during fiscal 2004. Assume that accounts payable pertain only to the purchase of inventory on credit.