A company reported cost of goods sold of $689,000 for the year. During the year,...
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Accounting
A company reported cost of goods sold of $689,000 for the year. During the year, inventory increased from a $150,000 beginning balance to a $180,000 ending balance, and accounts payable increased from a $47,000 beginning balance to a $55,000 ending balance. How much cash was paid for merchandise purchased during the year? $727,000
$689,000
$667,000
$711,000
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