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Nyguyeno Stores uses a periodic inventory system and reports the following information for 2021: Prepare the year end journal entry which closes the inventory related

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Nyguyeno Stores uses a periodic inventory system and reports the following information for 2021: Prepare the year end journal entry which closes the inventory related accounts and sets up COGS Beginning Inventory $53,000 Ending inventory 68,000 Purchase discounts 6,800 Freight in 13,600 Purchase returns and allowances 9,350 Freight out 10,625 Purchases 340,000

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