Based on the information that follows, prepare the cost of goods sold section of a multiple-step income
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Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement.
Merchandise Inventory, January 1, 20-- ... $13,800
Purchases ................ 71,300
Purchases Returns and Allowances ....... 3,188
Purchases Discounts ............ 1,460
Freight-In ................. 390
Merchandise Inventory, December 31, 20-- .. 21,400
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