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1. The trial balance of G. Durler Company at the end of its fiscal year, August 31, 2010, includes these accounts: Merchandise Inventory $17,200; Purchases $149,000; Sales $190,000; Freight-in $4,000; Sales Returns and Allowances $3,000; Freight-out $1,000; and Purchase Returns and Allowances $2,000.The ending merchandise inventory is $25,000.
Instructions
Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).
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