Cost of goods sold in the income statement for the year ended 2010 was USD 260,000. The balances in Merchandise Inventory and Accounts Payable were:
|
2010 January |
2010 December31 |
|
|
Merchandise inventory |
$160,000 |
$180,000 |
|
Accounts payable |
44,000 |
36,000 |
Calculate the amount of cash paid for merchandise for 2010.