Question: G Wholesale Company began the year with merchandise inventory of
G Wholesale Company began the year with merchandise inventory of $ 6,000. During the year, G purchased $ 97,000 of goods and returned $ 6,200 due to damage. G also paid freight charges of $ 1,500 on inventory purchases. At year-end, G’s ending merchandise inventory balance stood at $ 17,300. Assume that G uses the periodic inventory system. Compute G’s cost of goods sold for the year.
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