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Determine the cost of goods sold if a company's beginning inventory was $10,000, purchases during the period amounted to $60,000, and the ending inventory was

Determine the cost of goods sold if a company's beginning inventory was $10,000, purchases during the period amounted to $60,000, and the ending inventory was valued at $15,000. Discuss the significance of inventory management practices in controlling costs and optimizing cash flow.

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