Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known: Beginning
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Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:
Beginning merchandise inventory ....... $26,000
Ending merchandise inventory ........... 23,000
Purchases .................. 71,000
Purchases returns and allowances ........ 3,500
Purchases discounts .............. 5,500
Freight-in ................... 200
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