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A company using the periodic inventory system has the following account balances: Inventory at the beginning of the year, $3,850; Freight-In, $512; Purchases, $14,694; Purchases

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A company using the periodic inventory system has the following account balances: Inventory at the beginning of the year, $3,850; Freight-In, $512; Purchases, $14,694; Purchases Returns and Allowances, $2,951; Purchases Discounts, $458. The cost of merchandise purchased is equal to $11,797 $14,694 $14,765 O $22,465

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