Wholesale Company began the year with merchandise inventory of $13,000. During the year, N purchased...
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Accounting
Wholesale Company began the year with merchandise inventory of $13,000. During the year, N purchased $100,000 of goods, had purchase discounts of $250, and returned $6,600 due to damage. N also paid freight charges of $600 on inventory purchases. At year-end, N's ending merchandise inventory balance stood at $17,400. Assume that N uses the periodic inventory system. Compute N's cost of goods sold for the year
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