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Warmup Exercise 5-2 Cost of Goods Sold The following amounts are taken from White Wholesalers' records. (All amounts are for 2014.) Inventory, January 1 $14,200 Inventory, December 31 10,300 Purchases 87,500 Purchase discounts 4,200 Purchase returns and allowances 1,800 Transportation-in 4,500 Required Prepare the Cost of Goods Sold section of White's 2014 income statement. Activate Windows Cotton