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Determine the cost of goods sold and the closing entries

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Question - XYZ com, being a start-up, had a zero beginning inventory. They spent $425,000 on inventory items, receiving $12,000 for prompt payment and paying $10,000 for freight. Their closing inventory is $84,000. Determine the cost of goods sold and the closing entries for a periodic inventory.

Reference no: EM132795946

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