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QUESTION DETAIL
Related User
Votes
A company's inventory balance at 12/31/09 was $200,000 and was $188,000 at 12/31/08. Its accounts payable balance at 12/31/09 was $80,000 and was $84,000 at 12/31/08, and its cost of goods sold for 2010 was $720,000. What is the company's total amount of cash payments in 2010?
ANSWER
The BIDaWIZ Team's Answer:
$732,000. $188K beginning inventory; plus $732K, in
purchases equals $920K, in goods available for sale;
less $200K, in ending inventory, equals cost of goods
sold, of: $720K.
