What cash paid for merchandise purchased during the year was

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Reference no: EM132667032

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Problem 1: A company reported cost of goods sold of $540,000 for the year. During the year, inventory decreased from a $55,000 beginning balance to a $49,000 ending balance, and accounts payable decreased from a $29,000 beginning balance to a $25,000 ending balance. The cash paid for merchandise purchased during the year was:

Select one:

a. $542,000

b. $538,000

c. $550,000

d. $530,000

e. None of these

Reference no: EM132667032

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