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McLeod Corporation is a merchandising company. The year began with inventory of $18,000, Purchases for the year were $43,000, and the Ending Inventory was $5,000.

McLeod Corporation is a merchandising company. The year began with inventory of $18,000, Purchases for the year were $43,000, and the Ending Inventory was $5,000. What is the Cost of Goods Sold that would be reported on the income statement?

a. $66,000

b. $30,000

c. $20,000

d. $56,000

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