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

question 21

Multiple Choice

GG Pty Ltd's accounting records show: $\begin{array}{lcc}&\text { Beginning Balance } & \text { Ending Balance } \\&{ }^{\prime} 000 & { }^{\prime} 000 \\&\$ & \$\\\text { Accounts payable } & 12 & 8 \\\text { Inventory } & 25 & 21 \\\text { Cost of sales } & - & 50\end{array}$ 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:

Goods Manufactured

Items that have been completed and are ready for sale, produced by a company during an accounting period.

Sales Salaries

Expenses associated with the payment of salaries to sales personnel, often included as part of a company's selling expenses.

Office Salaries

Expenditure related to the payment of wages and salaries for office staff involved in administrative and non-production work.

Product Costs

Costs that are incurred to acquire or manufacture a product, including direct materials, labor, and overhead expenses.