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Calculation of Cost of Goods Sold: Periodic Inventory System Prepare the cost of goods sold section for Havens Gift Shop. The following amounts are known:

Calculation of Cost of Goods Sold: Periodic Inventory System

Prepare the cost of goods sold section for Havens Gift Shop. The following amounts are known:

Beginning merchandise inventory $29,830
Ending merchandise inventory 27,535
Purchases 62,130
Purchases returns and allowances 2,985
Purchases discounts 3,340
Freight-in 250

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