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The cost of goods sold during the year was $380,000. Inventory increased by $12,000 during the year and accounts payable decreased by $19,000 during the year. Using the direct method of reporting cash flows from operating activities, cash payments for inventory total___________.

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Answer:

$411,000

Explanation:

Cost of goods sold was $380,000

Inventory was increased by $12,000

Accounts Payable was decreased by $19,000

The relationship via direct method of cash flow can be established as:

COGS + Increase in Inventory + Decrease in A/P

$380,000 + $12,000 + $19,000 = $411,000

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