Based on the Following Information Provided About a Company's Operations

Essay

Based on the following information provided about a company's operations, calculate its cost of goods purchased and its cash paid for merchandise.
$\begin{array}{|l|c|}\hline \text {Cost of goods sold } & \$ 522,000 \\\hline \text { Merchandise inventory, beginning year } & 70,000 \\\hline \text { Accounts payable, beginning year. } & 53,000 \\\hline \text { Merchandise inventory, end-of-year } & 57,000 \\\hline\text { Accounts payable, end-of-year.. }&48,000\\ \hline\end{array}$