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Calculate cost of sales for the year

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Reference no: EM132612776

ABC Inc. uses the periodic method and reported the following amounts for the year.

Ending inventory $ 40000

Opening inventory $ 41500

Sales revenue $ 114000

Purchases $ 77000

Purchase discounts $ 7000

Purchase returns and allowances $ 5800

Question 1: Calculate cost of sales for the year.

Reference no: EM132612776

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