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How much is cost of goods sold

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Question - Mathew Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $400,000; beginning inventory, $250,000; ending inventory, $275,000; operating expenses, $95,000; freight-in, $5,000; sales discounts, $20,000; purchases discounts, $15,000; sales returns & allowances, $120,000; and purchases returns & allowances, $45,000.

Required -

1. How much is cost of goods sold?

2. How much is net income?

Reference no: EM132530415

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