Solved: For the current fiscal year purchases were 160000 purchase, Accounting Basics

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For the current fiscal year purchases were 160000 purchase

For the current fiscal year, Purchases were $160,000, Purchase Returns and Allowances were $3,100 and Freight In was $10,000. If the beginning merchandise inventory was $115,000 and the ending merchandise inventory was $76,000, the Cost of Goods Sold is:

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Accounting Basics: For the current fiscal year purchases were 160000 purchase

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