Based on the following information provided about a company’s operations, calculate its cost of goods purchased and its cash paid for merchandise.

Based on the following information provided about a company’s operations, calculate its cost of goods purchased and its cash paid for merchandise. Cost of good sold————————$413,000Merchandise Inventory,beginning year—— 70,000Accounts payable, beginning year———- 52,000Merchandise inventory, end-of-year——– 67,000Accounts payable, end-of-year————- 48,000

Question: Based on the following information provided about a company’s operations, calculate its cost of goods purchased and its cash paid for merchandise.Cost of good…

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