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15. Derive cost of goods sold from data in the statement of cash flows. The section showing cash flow from operations, using the indirect method, for General Electric Company reported an increase in inventories during Year 13 of $1,753 million and no change in accounts payable for inventories. The direct method would show cash payments for inventory, purchased and manufactured, totaling $64.713 million. Compute the cost of goods sold for Year

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Answer:

$62,960

Explanation:

Computation for the cost of goods sold for Year

Using this formula

Cost of goods sold for Year=Cash payments for inventory, purchased and manufactured -Increase in inventories during

Let plug in the formula

Cost of goods sold for Year=$64,713 million-$1,753 million

Cost of goods sold for Year=$62,960

Therefore the cost of goods sold for Year will be $62,960

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