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Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting records of Steed Company: Required: Compute the missing amounts. Beginning

Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting records of Steed Company: Required: Compute the missing amounts. Beginning inventory Year 1 Year 2 Year 3 $12,600 Net purchases 61,300 54,100 Ending inventory 11,200 x 13,750 Cost of goods sold 44,500 49,800

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