Answer:
$49,000
Explanation:
Cost of goods sold for the year = $50,000
Opening Inventory = $12,500
Closing inventory = $10,500
Opening Accounts Payable = $6,000
Closing accounts Payable = $5,000
Purchases = Cost of goods sold + Closing Inventory - Opening Inventory
= $50,000 + $10,500 - $12,500 = $48,000
Total payment to Accounts Payable For inventory
= Opening + Purchases - Closing = $6,000 + $48,000 - $5,000 = $49,000
Correct answer
$49,000
