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QUESTION
Last year Cumley Company reported a cost of goods sold of $91,700. Inventories increased by $22,700 during the year, and accounts payable decreased...
Last year Cumley Company reported a cost of goods sold of $91,700. Inventories increased by $22,700 during the year, and accounts payable decreased by $12,300. 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:
