Use the following information about the current year's operations of a company to calculate the cash paid for merchandise Cost of goods sold Merchandise inventory, January 1 Merchandise inventory, December 31 Accounts payable, January 1 Accounts payable, December 31 $500,000 85,000 97,000 68,000 60,000 Select one O a $585.000 b. $520,000 c. $480,000 d. $508,000 e $512,000