From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X,

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From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X, $8,950; Purchases Discount, $920; Merchandise Inventory, 12/01/1X, $4,100; Purchases, $62,000; Purchases Returns and Allowances, $960; Freight-In, $320.
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