Duke Company reported cost of goods sold last year of $270,000 on its income statement. Additional information concerning the company”s closing and opening account balances last year follows:
|
|
December 31 |
January 1 |
|
Inventory |
$60,000 |
$45,000 |
|
Accounts payable |
$26,000 |
$39,000 |
Duke Company uses the direct method to determine the net cash provided by operating activities on its statement of cash flows. What amount should Duke report as cash paid to suppliers in its statement of cash flows for last year?
A) $242,000
B) $268,000
C) $272,000
D) $298,000