Cost of goods sold adjusted to a cash basis
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Last year Cummins Company reported a cost of goods sold of $48,600. Inventories increased by $10,000 during the year, and accounts payable increased by $2,000. 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:
$73,600
$62,600
$56,600
$52,600
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The solution explains how to calculate the cost of goods sold adjusted to a cash basis.
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Cost of Sales 48,600
+Ending Inventory 10,000 ...
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