Kinney reported cost of goods sold of $168,114,150 in its fiscal 2008 income statement. Assuming that Kinney uses accounts payable strictly for inventory purchases and that all such purchases are on credit, how much cash did Kinney pay during the year for inventories:
(a) to inventory suppliers?
(b) to employees?

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The Answer of Kinney reported cost of goods sold of $168,114,150 in its fiscal 2008 income statement. Assuming that Kinney uses accounts payable strictly for inventory purchases and that all such purchases are on credit, how much cash did Kinney pay during the year for inventories:
(a) to inventory suppliers?
(b) to employees?

Kinney Reported Cost of Goods Sold of $168,114,150 in Its