Based on the Following Information Provided About a Company's Operations,calculate

question 57

Essay

Based on the following information provided about a company's operations,calculate its cost of goods purchased and its cash paid for merchandise.
$\begin{array}{|l|r|}\hline \text { Cost of goods sold } & \$ 413,000 \\\hline \text { Merchandise inventory, beginning year } & 70,000 \\\hline \text { Accounts payable, beginning year } & 52,000 \\\hline \text { Merchandise inventory, end-of-year } & 67,000 \\\hline \text { Accounts payable, end-of-year } & 48,000 \\\hline\end{array}$

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