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7. The following information belongs to Nizwa Trading company. Inventory balance on January 1, 2019: RO 600,000 Purchases made during the year 2019: RO 1,200,000 Inventory balance on December 31, 2019: RO 500,000, Transportation in OMR 250, Purchase Return OMR 750 Required: Compute cost of goods sold for the year 2019 assuming the company uses a periodic inventory system