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A company reported cost of goods sold of $826,800 for the year. During the year, inventory increased from a $180,000 beginning balance to a $216,000 ending balance, and accounts payable increased from a $56,400 beginning balance to a $66,000 ending balance. How much cash was paid for merchandise purchased during the year

Respuesta :

Answer:

$853,200

Explanation:

Total Purchase:

= Cost of Goods sold + Ending Inventory - Beginning Inventory

= $826,800 + $216,000 - $180,000

= $862,800

Cash paid for merchandise purchased:

= Total Purchase + Account Payable Beginning - Account Payable Ending

= $862,800 + $56,400 - $66,000

= $853,200

Therefore, the cash was paid for merchandise purchased during the year is $853,200.