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The cost of goods sold during the year was $281200. Inventory increased by $9000 during the...

The cost of goods sold during the year was $281200. Inventory increased by $9000 during the year and accounts payable decreased by $14100 during the year. Using the direct method of reporting cash flows from operating activities, cash payments for inventory total

$295300.

$304300.

Solutions

Expert Solution

Cost of goods sold = $281,200

Increase in inventory = $9,000

Decrease in accounts payable = $14,100

Cash payments for inventory = Cost of goods sold + Increase in inventory + Decrease in accounts payable

= 281,200 + 9,000 + 14,100

= $304,300

Second option is correct.

ekkarill92 answered 2 years ago
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