Last year Cumberland Corporation reported a cost of goods sold of $73,000. Inventories increased by...
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Accounting
Last year Cumberland Corporation reported a cost of goods sold of $73,000. Inventories increased by $14,000 during the year, and accounts payable increased by $12,000. The company uses the direct method to determine the net cash provided by (used in) operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be:
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