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ABC Inc. uses the periodic method and reported the following amounts for the year. Ending inventory $ 40000Opening inventory $ 41500Sales revenue $ 114000 Purchases

ABC Inc. uses the periodic method and reported the following amounts for the year.

Ending inventory $ 40000Opening inventory $ 41500Sales revenue $ 114000

Purchases $ 77000

Purchase discounts $ 7000

Purchase returns and allowances $ 5800

Calculate cost of sales for the year.

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