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linda_us, Master's Degree
Category: Multiple Problems
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Cost of merchandise sold year was $850,000. Inventories were

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Cost of merchandise sold for the year was $850,000. Inventories were $60,000 and $90,000 at the beginning and end of the year, respectively.
Submitted: 1 year ago.
Category: Multiple Problems
Expert:  linda_us replied 1 year ago.


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Is this the complete question?

Expert:  linda_us replied 1 year ago.

Cash payment for merchandise = 90000+850000-60000 = 880,000 (Assumed no changes in the amount in accounts payable)