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The Ocho Co. had a beginning inventory of $25,000 and an ending inventory of $40,000. Its Cost of Goods Sold for the year was $485,000.

The Ocho Co. had a beginning inventory of $25,000 and an ending inventory of $40,000. Its Cost of Goods Sold for the year was $485,000. What was the amount of purchases that it made for the year?

a. $470,000

b. $500,000

c. $525,000

d. $530,000

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