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QS 4-25A (Algo) Periodic: Computing cost of goods sold LO P5 Chazen Company's inventory balance at the beginning of the year was $8,200. During the year, the company had Purchases of $52,000 and Purchases Returns and Allowances of $4,200. The company's inventory balance ot the end of the year is $6,200. Compute cost of goods sold for the year assuming Chazen uses the periodic inventory system