Homework Answers
Answer- Cost of goods sold for the year =$185000.
Explanation- Cost of goods sold= Opening inventory+ Net purchases+ Freight-in-Ending inventory
= $45000+$163000+$33000-$56000
= $185000
Where- Net purchases = Gross purchases-Purchase returns- Purchase discounts
= $210000-$30000-$17000
= $163000
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