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Knowledge Check 01 Account Balances Cost of Goods Sold Merchandise Inventory Prior Year-End $ 160,000 $ 34,400 Current Year-End $152,000 41,900 During the current year,

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Knowledge Check 01 Account Balances Cost of Goods Sold Merchandise Inventory Prior Year-End $ 160,000 $ 34,400 Current Year-End $152,000 41,900 During the current year, purchases of Inventory was: $150,000 $144,500 $161,500 $159,500

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