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For the year just ended, net credit sales for Vorce Co. equaled $1.5...

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Accounting

For the year just ended, net credit sales for Vorce Co. equaled $1.5 million, and cash sales were $300,000. Cost of sales was $1 million. If inventory increased by $20,000 during the year while accounts payable incurred to acquire goods for resale decreased by $8,000, the amount of cash paid for inventory during the year must have been

Multiple Choice

  • $988,000

  • $1,000,000

  • $1,012,000

  • $1,028,000

Answer & Explanation Solved by verified expert
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