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Calculation of Cost of Goods Sold: Periodic Inventory System Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:
Calculation of Cost of Goods Sold: Periodic Inventory System
Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:
| Beginning merchandise inventory | $27,470 |
| Ending merchandise inventory | 21,145 |
| Purchases | 78,400 |
| Purchases returns and allowances | 3,575 |
| Purchases discounts | 6,230 |
| Freight-in | 370 |
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ICSA Study Text In Management Accounting
Authors: Richard Lyall
4th Edition
186072308X, 978-1860723087
