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All Sports Inc In Addition to the Above Statement of Financial Position Information

Question 167

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All Sports Inc. manufactures sporting equipment and clothing. Its recent annual report included the following on its statement of financial position: Consolidated Statements of Financial Position February 29, 20X2 and February 28, 20X1 20X220X1 Inventories $610,850,000$560,330,000 Trade payables $90,500,000$85,800,000\begin{array} { | l | r | r | } \hline & 20X 2 & 20 X 1 \\\hline \text { Inventories } & \$ 610,850,000 & \$ 560,330,000 \\\hline \text { Trade payables } & \$ 90,500,000 & \$ 85,800,000 \\\hline\end{array} In addition to the above statement of financial position information, All Sports Inc. reported cost of goods sold on its income statement of $53,800,000,000. Calculate the following:  1. Inventory purchased during 20X2 2. Cash paid to supplier during 20X2\begin{array} { | l | l | } \hline \text { 1. Inventory purchased during } 20X 2 &\underline{\quad\quad} \\\hline \text { 2. Cash paid to supplier during } 20X2 &\underline{\quad\quad} \\\hline\end{array}

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1. $53,850,520,000 ($53,800,00...

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