The following balances were reported by Mall Co. at December 31, 2006 and 2005:
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|
12/31/06 |
12/31/05 |
|
|
Inventory |
$260,000 |
$290,000 |
|
Accounts payable |
75,000 |
50,000 |
Mall paid suppliers $490,000 during the year ended December 31, 2006. What amount should Mall report for cost of goods sold in 2006?
- $545,000
- $495,000
- $485,000
- $435,000