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For the current fiscal year, Purchases were $275,000, Purchase Returns and Allowances were $8,500, Purchase Discounts were $2,500 and Freight In was $35,000. If the

For the current fiscal year, Purchases were $275,000, Purchase Returns and Allowances were $8,500, Purchase Discounts were $2,500 and Freight In was $35,000. If the beginning merchandise inventory was $63,000 and the ending merchandise inventory was $81,000, the Cost of Goods Sold is:

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