Last year Cumber Company reported a cost of goods sold of $77,000. Inventories decreased by...
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Accounting
Last year Cumber Company reported a cost of goods sold of $77,000. Inventories decreased by $14,000 during the year, and accounts payable increased by $9,300. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be:
a. $100,300
b. $67,700
c. $63,000
d. $53,700
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