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What is cost of goods sold

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Question - Paper Clip Company sells office supplies. The following information summarizes the company's operating activities for the year:

Utilities for the store $10,300

Sales commissions $10,000

Sales revenue $164,200

Purchases of merchandise $85,700

January 1 inventory $27,300

Rent for store $14,400

December 31 inventory $23,000

What is cost of goods sold?

A. $108,700

B. $90,000

C. $85,700

D. $113,000

Reference no: EM132234563

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