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Jackson Company had the following account balances:
purchases ... $40,000
freight-in ..... . . 500
purchase returns . . . 1,200
beginning inventory .... 20,000
ending inventory .... 15,000
Question 1: Jackson Company would report cost of goods sold of:
A. $43,300
B. $43,800
C. $45,000
D. $44,300
E. $48,500
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