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In April, Holderness Inc, a merchandising company, had sales of $296,000, selling expenses of $21,500, and administrative expenses of $32,500. The cost of merchandise purchased

In April, Holderness Inc, a merchandising company, had sales of $296,000, selling expenses of $21,500, and administrative expenses of $32,500. The cost of merchandise purchased during the month was $170,000. The beginning balance in the merchandise inventory account was $41,500 and the ending balance was $55,500.

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