Table 17-1
Iredell Company has gathered the following information:
$\begin{array}{ll}
\text { Beginning inventory } & \$ 150,000 \
\text { Ending inventory } & 135,000 \
\text { Beginning accounts payable* } & 72,500 \
\text { Ending accounts payable* } & 81,700 \
\text { Cost of goods sold } & 368,000 \
\text { Credit sales } & 572,100
\end{array}$ *$\text { Relates to the purchase of merchandise only }$
-Refer to Table 17-1.The payments to suppliers for inventory during the period were:
A) $343,800
B) $353,000
C) $368,000
D) $425,500

Question

Table 17-1
Iredell Company has gathered the following information:
 $\begin{array}{ll}
\text { Beginning inventory } & \$ 150,000 \
\text { Ending inventory } & 135,000 \
\text { Beginning accounts payable* } & 72,500 \
\text { Ending accounts payable* } & 81,700 \
\text { Cost of goods sold } & 368,000 \
\text { Credit sales } & 572,100
\end{array}$ *$\text { Relates to the purchase of merchandise only }$
-Refer to Table 17-1.The payments to suppliers for inventory during the period were:
A) $343,800
B) $353,000
C) $368,000
D) $425,500

Quizplus · Accepted Answer

Payments to suppliers = Cost of Goods Sold + Ending Inventory - Beginning Inventory + Beginning Accounts Payable - Ending Accounts Payable = $368,000 + $135,000 - $150,000 + $72,500 - $81,700 = $343,800.

Table 17-1 Iredell Company Has Gathered the Following Information Relates to the purchase of merchandise only \text { Relates to the purchase of merchandise only } Relates to the purchase of merchandise only

Table 17-1
Iredell Company Has Gathered the Following Information $\text { Relates to the purchase of merchandise only }$