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Boston Shop uses periodic inventory system . At December 31 year 2 , the accounting records include the following information. Inventory (as of December 31.
Boston Shop uses periodic inventory system . At December 31 year 2 , the accounting records include the following information.
Inventory (as of December 31. Year 1).. $2,800
Net sales $ 79.600
Purchases..$ 30,200
A complete physical inventory taken at December 31. year 2 , indicates merchandise costing $ 3,000 remains in stock.
A. How were the amounts of beginning and ending inventory determined?
B. Compute the amount of the cost of goods sold in year 2.
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