Corinthian Industries reported cost of goods sold of $765,000,beginning and ending inventory of $85,200 and $98,600,respectively,and beginning and ending accounts payable of $54,300 and $62,500,respectively.Cash payments for merchandise inventory during the year were:

Question

Quizplus · Accepted Answer

To find cash payments for merchandise inventory, use the formula: Cash Payments = COGS + Ending Inventory - Beginning Inventory + Beginning Accounts Payable - Ending Accounts Payable. Plugging in the values: $765,000 + $98,600 - $85,200 + $54,300 - $62,500 = $770,200.

Corinthian Industries Reported Cost of Goods Sold of $765,000,beginning and Ending