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Prepare the cost of goods sold section for adams gift shop

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Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:

Beginning merchandise inventory ................... $26,000
Ending merchandise inventory ......................... 23,000
Purchases .................................................. 71,000
Purchases returns and allowances ...................... 3,500
Purchases discounts ...................................... 5,500
Freight-in ..................................................... 200

 

Reference no: EM13510559

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