What was the cost of goods sold for the current year, Accounting Basics

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What was the cost of goods sold for the current year

Assume cash paid to suppliers for the current year is $350,000, merchandise inventory increased by $5,000 during the year, and accounts payable decreased by $10,000 during the year. What was the cost of goods sold for the current year?

A) $335,000

B) $345,000

C) $355,000

D) $365,000

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Accounting Basics: What was the cost of goods sold for the current year

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