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A retailer has yearly sales of $900,000. Inventory on January 1 is $360,000 (at cost) During the year, $660,000 of merchandise (at cost) is purchased.

A retailer has yearly sales of $900,000. Inventory on January 1 is $360,000 (at cost) During the year, $660,000 of merchandise (at cost) is purchased. The ending inventory is $325,000 (at cost). Operating costs are $90,000. Calculate the cost of goods sold and net profit and set up a profit and loss statement. There are no retail reductions in this problem.

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