Identify the errors in the following schedule of cost of merchandise sold for the current year ended March 31,2012:

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Cost of merchandise sold: Merchandise inventory, March 31, 2012 75,000 Purchases Plus: Purchases returns and allowances. $900,000 .__.... $18,000 Purchases discounts 12,000 30,000 $930,000 10000 92,000 Cost of merchandise purchased Merchandise available for sale Less merchandise inventory, Apri1, 2011. 920,000 995,000 80,000 $915,000