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How much cash was paid for inventory

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Problem - Cold and Flu Corp. reported the following information for 2012 and 2013. Inventory is not reported as there was no change in inventory from 3 June 2012, to 30 June 2013.

Accounts payable, 30 June 2012           $95 000   

Accounts payable, 30 June 2013           $60 000

Cost of goods sold in 2012/13 financial year $540 000 

How much cash was paid for inventory during the 2012/13 financial year?

A. $510 000

B. $655 000

C. $575 000

D. $615 000

Reference no: EM131625063

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