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Desired ending inventory is 110% of beginning inventory. If cost of goods sold is $300,000,...

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Accounting

Desired ending inventory is 110% of beginning inventory. If cost of goods sold is $300,000, which of the following statements is TRUE regarding purchases?

Purchases will equal cost of goods sold.
Purchases will be 80% of cost of goods sold.
Purchases will be less than cost of goods sold.
Purchases will be more than cost of goods sold.

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