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10. Given the following information, prepare in good form the cost of goods sold section of an income statement for 20x5. Freight-In $ 4,000 Merchandise

10. Given the following information, prepare in good form the cost of goods sold section of an income statement for 20x5.

Freight-In

$ 4,000

Merchandise Inventory, December 31, 20x4

15,000

Merchandise Inventory, December 31, 20x5

16,000

Purchases

38,000

Purchases Returns and Allowances

1,800

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