12. If a taxpayer has beginning inventory of $25,000, purchases of $185,000, and ending inventory of $30,000,

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12. If a taxpayer has beginning inventory of $25,000, purchases of $185,000, and ending inventory of $30,000, what is the amount of the cost of goods sold for the current year?

a. $155,000

b. $180,000

c. $190,000

d. $185,000

e. None of the above LO 3.3

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