Computing Cash Paid for Purchases of Merchandise
The general ledger of AXM, Inc., provides the following information relating to purchases of merchandise:
| End of Year | Beginning of Year |
Inventory | $820,000 | $780,000 |
Accounts payable to merchandise suppliers | 430,000 | 500,000 |
The company’s cost of goods sold during the year was $2,882,000. Compute the amount of cash payments made during the year to suppliers of merchandise.
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