Using your answer to Practice 212, compute how much cash was paid for inventory during the year.

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Using your answer to Practice 21€“2, compute how much cash was paid for inventory during the year.

(a) All purchases of inventory were on account.
(b) Sales for the year were $947,900.
(c) Cost of goods sold for the year was$404,600.

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Intermediate Accounting

ISBN: 978-0324312140

16th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Posted: Apr 08, 2012 01:29 PM

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Using your answer to Practice 212, compute how much cash was paid for inventory during the year.

Question:

December 31 January 1 Accounts Payable. Inventory Accounts Receivable $58,200 39.400 87,000 $61,500 37,300 89,100

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Beginning accounts payable 61500 Purcha...View the full answer

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