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Assuming the use of the periodic inventory system, use the data below to calculate the net cost of purchases for the year ended December 31,

Assuming the use of the periodic inventory system, use the data below to calculate the net cost of purchases for the year ended December 31, 2015.

Merchandise Inventory, December 31, 2014 $4,614

Merchandise Inventory, December 31, 2015 4,082

Cost of Goods Sold 15,208

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