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A company using the periodic inventory system has merchandise inventory costing $347 on hand at the beginning of a period. During the period, merchandise costing

A company using the periodic inventory system has merchandise inventory costing $347 on hand at the beginning of a period. During the period, merchandise costing $655 is purchased. At year-end, merchandise inventory costing $107 is on hand. The cost of merchandise sold for the year is

  1. a. $107
  2. b. $1,109
  3. c. $895
  4. d. $347

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