Question - Dyna Corporation had cost of goods sold of $300,000 for the current year ended December 31 and an ending inventory balance of $50,000. The beginning balances in inventory and accounts payable were $20,000 and $16,000, respectively. Dyna finances 80 percent of its inventory purchases with trade accounts payable, incurs purchases ratably throughout the year, and consistently pays for its purchases 30 days after acquisition. What was the amount of cash paid on accounts payable during the year ended December 31?
a. $240,000
b. $258,000
c. $264,000
d. $300,000