A company reported cost of goods sold of $1,760,000 for the year. During the year, inventory increased from a $92,000 beginning balance to a $140,000 ending balance, and accounts payable increased from a $48,000 beginning balance to a $56,000 ending balance.
How much is the cash paid for merchandise purchased during the year?
A) $1,660,000
B) $1,800,000
C) $1,808,000
D) $1,704,000
Correct Answer:
Verified
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