During the Most Recent Fiscal Year,a Company's Inventory Account Increased

question 24

Multiple Choice

During the most recent fiscal year,a company's inventory account increased $45,200 and its accounts payable account decreased $20,800.If the accounts payable is solely related to inventory purchases and sales are $1,500,000 and cost of goods sold is $1,030,000,then what is the amount of payments made to inventory suppliers?

• A)$536,000
• B)$66,000
• C)$1,054,400
• D)$1,096,000
• E)None of the answer choices is correct.

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Definitions:

Nodes of Ranvier

Nodes of Ranvier are gaps in the myelin sheath of nerve fibers where axonal membranes are exposed, enabling rapid transmission of nerve impulses.

Myelin

A fatty white substance that surrounds the axon of some nerve cells, forming an electrically insulating layer that speeds the transmission of nerve impulses.

Axon

A long, slender projection of a nerve cell that typically conducts electrical impulses away from the neuron's cell body.

Negatively Charged Ions

Ions that carry one or more negative electric charges, known to affect environmental and physical health, often found abundantly near waterfalls, forests, and after thunderstorms.