Last year Marton Corporation reported a cost of goods sold of $720,000 on its income...
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Accounting
Last year Marton Corporation reported a cost of goods sold of $720,000 on its income statement. The following additional data were taken from the company's comparative balance sheet for the year:
| Ending | Beginning | |||||
| Inventory | $ | 105,000 | $ | 85,000 | ||
| Accounts Payable | $ | 65,000 | $ | 92,000 | ||
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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