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QUESTION
Last year Cumber Company reported a cost of goods sold of $70,000. Inventories decreased by $12,000 during the year, and accounts payable increased...
Last year Cumber Company reported a cost of goods sold of $70,000. Inventories decreased by $12,000 during the year, and accounts payable increased by $8,000. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be:
