Using the information in the table below, calculate the proper amount of cost of goods sold for
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Question:
Using the information in the table below, calculate the proper amount of cost of goods sold for the period. Adapt the provided formula to the amounts given to find the answer.
Purchases - $275,000
Purchase Returns - $12,500
Freight-In - $45,000
Freight-Out - $15,000
Beginning Inventory - $95,000
Ending Inventory - $67,000
(a) $290,500
(b) $303,500
(c) $320,500
(d) $335,500
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