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Determine amount the company recorded for Cost of Goods sold

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Question - A company shows the following data in their accounting records for 2014.

Inventory 12/31/14 = $2,000,000

Inventory 1/1/14 = $1,800,000

Purchases = $20,000,000

Purchase Returns = $3,000,000

Freight - In = $40,000

Required - Determine the amount the company recorded for Cost of Goods Sold in 2014.

Reference no: EM132525403

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