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Grants Corporation prepared the following two income statements (simplified for illustrative purposes): First Quarter Second Quarter Sales revenue $ 12,900 $ 19,100 Cost of goods

Grants Corporation prepared the following two income statements (simplified for illustrative purposes): First Quarter Second Quarter Sales revenue $ 12,900 $ 19,100 Cost of goods sold Beginning inventory $ 4,400 $ 3,900 Purchases 2,600 12,800 Goods available for sale 7,000

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