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A Company's Inventory Account Increased $26,800 and Its Accounts Payable

Question 152

Multiple Choice

A company's inventory account increased $26,800 and its accounts payable account decreased $18,240 during the year.The accounts payable relates only to the acquisition of inventory.Sales were $789,500 and cost of goods sold was $532,700.What was the amount of payments to the supplier of inventory?


A) $541,260
B) $559,500
C) $577,740
D) $532,700

Correct Answer:

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