Use the information provided to calculate the missing cash paid for merchandise for the period.Accounts payable, beginning-year…………………….$? 60,000Cost of goods sold……………………………………..?244,000Merchandise inventory, beginning-year……………….?35,000Merchandise inventory, year-end………………………?40,500Accounts payable, year-end……………………………?64,800Cash paid for merchandise……………………………..$?________
What will be an ideal response?
| (d.) | Cost of goods sold………………………………………….. | $244,000 |
| ? | Increase in merchandise inventory ($40,500 ? $35,000)……. | 5,500 |
| ? | Merchandise purchases……………………………………… | 249,500 |
| ? | Increase in accounts payable ($64,800 ? $60,000)………….. | (4,800) |
| ? | Cash paid for merchandise………………………………….. | $244,700 |
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