Cash Payments for Merchandise—Direct Method Cost of merchandise sold reported on the income statement was $482,200. The accounts payable balance decreased $58,000, and the inventory balance increased by $51,700 over the year. Determine the amount of cash paid for merchandise. $fill in the blank 1

FINANCIAL ACCOUNTING
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Cash Payments for Merchandise—Direct Method

Cost of merchandise sold reported on the income statement was $482,200. The accounts payable balance decreased $58,000, and the inventory balance increased by $51,700 over the year.

Determine the amount of cash paid for merchandise.
$fill in the blank 1

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