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Question - A company shows the following data in their accounting records for 2014.
Inventory 12/31/14 = $2,000,000
Inventory 1/1/14 = $1,800,000
Purchases = $20,000,000
Purchase Returns = $3,000,000
Freight - In = $40,000
Required - Determine the amount the company recorded for Cost of Goods Sold in 2014.
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