For the year just ended, net credit sales for Vorce Co. equaled $1.5...
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Accounting
For the year just ended, net credit sales for Vorce Co. equaled $1.5 million, and cash sales were $300,000. Cost of sales was $1 million. If inventory increased by $20,000 during the year while accounts payable incurred to acquire goods for resale decreased by $8,000, the amount of cash paid for inventory during the year must have been
Multiple Choice
$988,000
$1,000,000
$1,012,000
$1,028,000
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