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the cost of inventory on hand at 1 july 2011 was $10,000 and at 30 june 2012 was $20,000. inventory purchases for the year amounted

the cost of inventory on hand at 1 july 2011 was $10,000 and at 30 june 2012 was $20,000. inventory purchases for the year amounted to $150,000, freight outwards expense was $1,000, and purchase returns were $2,000. what was the cost of goods sold for the year ended 30 june 2012

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