If the Cost of Sales for the year 2023 is $195,825 and

Inventories Balance : $43,583 in Year 2023 and $ 41,941 in Year 2022

Account Payable Balance : $ 31,648in Year 2023 and $ 18,109 in year 2022

What is total payment for inventories during the year 2023 ?

(Please do not put $ sign in your answer )

Question

If the Cost of Sales for the year 2023 is $195,825 and

Inventories Balance   :         $43,583 in Year 2023 and $ 41,941 in Year 2022

Account Payable Balance :  $ 31,648in Year 2023 and $ 18,109 in year 2022

What is total payment for inventories during the year 2023 ?

(Please do not put $ sign in your answer )

BlackTom AI · Accepted Answer

We start by identifying the given figures for 2023 and 2022:
- Cost of Sales (COGS) for 2023: 195,825
- Ending Inventory (Year 2023): 43,583
- Beginning Inventory (Year 2022): 41,941
- Accounts Payable (AP) at year-end 2023: 31,648
- Accounts Payable at year-end 2022: 18,109

First, compute the purchases made during 2023. The formula is:
Purchases = COGS + Ending Inventory − Beginning Inventory
Plugging in the numbers: Purchases = 195,825 + 43,583 − 41,941 = 1,642 + 195,825 = 197,467

Next, determine how much cash was actually paid to suppliers in 2023. When AP increases, more purchases are financed with credit, so cash paid = Purchases − Increase in AP. The increase in AP is:
AP_end − AP_begin = 31,648 − 18,109 = 13,539
Thus, Cash paid for inventories = 197,467 − 13,539 = 183,928

Therefore, the total payment for inventories during 2023 is 183,928. (Note: ensure no dollar sign is included in the final numeric answer.)

BACC012 Online Quiz- Week 7 | LA007

If the Cost of Sales for the year 2023 is $195,825 and Inventories Balance : $43,583 in Year 2023 and $ 41,941 in Year 2022 Account Payable Balance : $ 31,648in Year 2023 and $ 18,109 in year 2022 What is total payment for inventories during the year 2023 ? (Please do not put $ sign in your answer )

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