Prepare the cost of goods sold section for Adams Gift
Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:
Beginning merchandise inventory ....... $27,000
Ending merchandise inventory ....... 22,000
Purchases ................ 78,000
Purchases returns and allowances ........ 3,900
Purchases discounts ............ 6,000
Freight-in ................ 350

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