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Given the following information:
Beginning Inventory$ 52,000
Ending Inventory 20,800
Sales 214,400
Purchases 69,600
Sales Returns and Allowances 3,600
Purchase Discounts 2,400
Transportation-In 4,400
Purchase Returns and Allowances 3,600
Sales Discounts 1,920
Required:
Question a. Determine net sales
Question b. Determine net cost of purchases
Question c. Determine gross margin
Question d. Determine cost of goods available for sale
Question e. Determine cost of goods sold
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