The direct method would show cash payments for merchandise


Question - The section showing cash flow from operations, using the indirect method, for Taylor Stores reported an increase in inventories of $5.7 million during the year. It reported also that the balance in accounts payable for inventories increased by $5.9 million. The direct method would show cash payments for merchandise inventory purchased of $646.9 million. Compute Taylor's cost of goods sold for the year.

Solution Preview :

Prepared by a verified Expert
Accounting Basics: The direct method would show cash payments for merchandise
Reference No:- TGS02813051

Now Priced at $25 (50% Discount)

Recommended (99%)

Rated (4.3/5)