Smith Inc. reported cost of goods sold for the year of $80 million. There was an...
Smith Inc. reported cost of goods sold for the year of $80 million. There was an increase of $5 million in inventory and an increase of $2 million in A/P. The cash paid to its suppliers during the year is most likely:.
| $73 million. |
| $75 million. |
| $77 million. |
| $83 million. |
| $87 million. |
Homework Answers
The answer is $83 million.
Total purchases = Cost of goods sold + increase in inventory
= $80 million + $5 million
= $85 million
Increase in Accounts Payables = $2 million
Hence, cash paid = $83 million.
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