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The accountant for Lee Company made the following errors related to merchandise inventory in 2016: 1. The beginning inventory for 2016 was overstated by $750
The accountant for Lee Company made the following errors related to merchandise inventory in 2016: 1. The beginning inventory for 2016 was overstated by $750 due to an error in the physical count. 2. A $1,300 purchase of merchandise on credit was not recorded and was not included in the ending inventory. Assuming a periodic inventory system, Lee Company's 2016 cost of goods sold will be
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