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What is maddox cost of goods sold

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Question - The Maddox Company uses the cash basis of accounting. Maddox Company made $500,000 in payments to its suppliers during the year. Maddox's beginning Inventory was $20,000, and its ending Inventory was $35,000. In addition, Maddox had a beginning Accounts Payable of $50,000 and an ending Accounts Payable of $70,000. What is Maddox's Cost of Goods Sold under the accrual basis of accounting?

a. $465,000

b. $495,000

c. $505,000

d. $535,000

Reference no: EM131638367

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