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If a merchandising company has a beginning inventory of $382,000 and an ending inventory of $186,000, and the company purchased $1,578,000 of inventory during the month, what is the company's cost of goods sold?

If a merchandising company has a beginning inventory of $382,000 and an ending inventory of $186,000, and the company purchased $1,578,000 of inventory during the month, what is the company's cost of goods sold?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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If a merchandising company has a beginning inventory of $382,000 and an ending inventory of $186,000, and the company purchased $1,578,000 of inventory during the month, what is the company's cost of goods sold?
Transcribed Image Text:If a merchandising company has a beginning inventory of $382,000 and an ending inventory of $186,000, and the company purchased $1,578,000 of inventory during the month, what is the company's cost of goods sold?
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