Last Year Cumber Company Reported a Cost of Goods Sold

Multiple Choice

Last year Cumber Company reported a cost of goods sold of $70,000.Inventories decreased by $12,000 during the year,and accounts payable increased by $8,000.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:

A) $90,000
B) $62,000
C) $58,000
D) $50,000