GG Pty Ltd's Accounting Records Show Determine the Amount of Cash Paid for Inventory for the }

question 42

Multiple Choice

GG Pty Ltd's accounting records show:
$\begin{array}{lcc}&\text { Beginning Balance } & \text { Ending Balance } \\&\text { '000 } & 000 \\&\$ & \$\\\text { Accounts pa yable } & 12 & 8 \\\text { Inventory } & 25 & 21 \\\text { Cost of sales } & - & 50\end{array}$
Determine the amount of cash paid for inventory for the period.

• A) $42,000.
• B) $48,000.
• C) $58,000.
• D) $50,000.

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Definitions:

Money Supply

The overall level of financial resources available in an economy at a specific period, consisting of cash, coins, and funds in checking and savings accounts.

Chairman

The highest-ranking officer in a board of directors, responsible for leading the board's meetings and strategic direction.

Federal Reserve

The central banking system of the United States, responsible for monetary policy, bank regulation, and the stability of the financial system.

Fed Open Market Committee

The branch of the Federal Reserve responsible for open market operations, including the buying and selling of government securities, to influence the money supply and interest rates.