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A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $4.335: Freight In $565: Purchases,

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A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $4.335: Freight In $565: Purchases, $17,997; Purchases Returns and Allowances, 53,686; Purchases Discounts, $378. The cost of merchandise purchased is equal to a. $26,961 b. $18,562 c. $17,997 d. $14.498

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