Problem

Cash Payment for MerchandiseSpinx, Inc., reported cost of goods sold of $100,800 during th...

Cash Payment for Merchandise

Spinx, Inc., reported cost of goods sold of $100,800 during the current year. Following are the beginning and ending balances of merchandise inventory and accounts payable for the year:

 

Beginning

Ending

Merchandise inventory

$35,000

$43,000

Accounts payable

23,000

32,000

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