Beginning and Ending Balances for Relevant Balance Sheet Accounts Are

question 36

Essay

Beginning and ending balances for relevant balance sheet accounts are as follows:
$$\begin{array} { | l | r | r | } \hline & 12 / 31 / 17 & 1 / 01 / 17 \\\hline \text { Merchandise inventary } & \$ 32,000 & \$ 18,000 \\\hline \text { Accaunts payalale } & 13,000 & 20,000 \\\hline\end{array}$$
During 2017, cost of goods sold was $148,000. Calculate the amount of cash paid to suppliers of merchandise inventory.

---

Definitions:

Directing

The process in management that involves guiding, leading, and overseeing the performance of employees to achieve organizational goals.

Direct Materials

Raw materials that are directly traceable to the production of goods.

Indirect Materials

Materials used in the production process, but not directly traceable to a finished product, like lubricants and cleaning supplies for machine maintenance.

Manufacturing Overhead

All manufacturing costs that are not directly related to the production of a product, such as factory rent, utilities, and maintenance.