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Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases $540,000 Beginning Merchandise Inventory 180,000 Purchase
Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details.
| Purchases | $540,000 |
| Beginning Merchandise Inventory | 180,000 |
| Purchase Returns and Allowances | 60,000 |
| Purchase Discounts | 16,000 |
| Freight In | 17,000 |
| Ending Merchandise Inventory | 160,000 |
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