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Raynolde Company uses a periodic inventory system. At the end of 2007, the following information is available:
Purchases returns and allowances ..................$ 1,400Inventory, 12/31/2007 ................................ 11,900Purchases ............................................... 21,200Inventory, 1/1/2007 ................................... 10,800Purchases discounts ................................... 600
Required
Prepare a schedule to compute Raynolde Company's cost of goods sold for 2007.
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