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McLeod Corporation is a merchandising company. The year began with inventory of $31,000, Purchases for the year were $56,000, and the Ending Inventory was $18,000.

McLeod Corporation is a merchandising company. The year began with inventory of $31,000, Purchases for the year were $56,000, and the Ending Inventory was $18,000. What is the Cost of Goods Sold that would be reported on the income statement? $105,000 $43,000 $7,000 $69,000

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