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ABC Ltd purchased inventory worth $80,000 during the year. At the end of the year, the ending inventory is valued at $15,000. Calculate the cost

ABC Ltd purchased inventory worth $80,000 during the year. At the end of the year, the ending inventory is valued at $15,000. Calculate the cost of goods sold (COGS) for ABC Ltd.

Requirement: Present the calculation of COGS for ABC Ltd for the current year.

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