Reference no: EM132563575
The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2018 and December 31, 2018:
January 1, 2018 December 31, 2018
Accounts receivable 51,000 70,000
Inventory 28,000 52,000
Accounts payable 39,000 54,000
Salaries payable 17,000 3,000
Investments 46,000 59,000
Common stock 110,000 130,000
Retained earnings 25,000 41,000
The following selected information was taken from Buckeye Company's 2018 statement of cash flows:
Cash collected from customers $385,000
Cash paid to purchase inventory 199,000
Cash paid to employees 81,000
Cash paid to purchase investments 40,000
Cash received from sale of investments 35,000
Cash paid for dividends 30,000
Question 1: Calculate the amount of cost of goods sold reported in Buckeye Company's 2018 income statement.
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