The following account balances were found in the general ledger of the Applewhite Corporation: Purchases...
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Accounting
The following account balances were found in the general ledger of the Applewhite Corporation: Purchases = $232,000, Sales = $458,000, Transportation-in = $15,000, Cash Discounts on Purchases = $23,000, Advertising Expense = $30,000. On January 1, a count of inventory showed $90,000, whereas on December 31, a count of inventory showed $123,000. What was cost of goods sold for the period? a. $176,000 b. $191,000 c. $214,000 d. $221,000
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