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irga5000 [103]
3 years ago
7

Electronic Superstore's inventory increases during the year by $3.8 million, and its accounts payable to suppliers increases by

$5.8 million during the same period. What is the amount of cash paid to suppliers of merchandise during the reporting period if its cost of goods sold is $33.0 million? (Round your answers to 1 decimal place. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).)
Business
1 answer:
Mrrafil [7]3 years ago
3 0

Answer:

$31 million

Explanation:

The computation of the amount of cash paid to suppliers of merchandise during the reporting period is shown below:

= Costs of goods sold + increase in inventory - increase in accounts payable

= $33 million + $3.8 million - $5.8 million

= $31 million

The Costs of goods sold + increase in inventory is also known as purchase of inventory

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