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Calculate the cost of goods sold based on the following information. Inventory at the beginning of 2016 $ 54,000 Purchases 450,000 Purchase returns 12,800 Inventory

Calculate the cost of goods sold based on the following information.

Inventory at the beginning of 2016	$ 54,000
Purchases	450,000
Purchase returns	12,800
Inventory at the end of 2016	60,000

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