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For the current fiscal year, Purchases were $230,000, Purchase Returns and Allowances were $3,800 and Freight...

For the current fiscal year, Purchases were $230,000, Purchase Returns and Allowances were $3,800 and Freight In was $17,000. If the beginning merchandise inventory was $150,000 and the ending merchandise inventory was $83,000, the Cost of Goods Sold is:

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Answer #1
Cost of Goods Sold
Merchandise Inventory (Beginning)    150,000
Purchases    230,000
Freight in      17,000
   247,000
Purchases Returns and Allowances      (3,800)
Net Purchases    243,200
Cost of goods available for sale    393,200
Merchandise Inventory (Ending)    (83,000)
Cost of Goods Sold 310,200
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