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Using the data below, calculate the cost of goods sold. Line Item Description Value Beginning inventory $1,000 Inventory purchased 3,000 Net income 40,000 Ending inventory

Using the data below, calculate the cost of goods sold.

Line Item Description Value
Beginning inventory $1,000
Inventory purchased 3,000
Net income 40,000
Ending inventory 2,000
Sales 185,000

a. $2,000 b. $4,000 c. $145,000 d. $185,000

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