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A company that uses the periodic inventory provides the following information:
1. Beginning Inventory $14,0002. Net Purchases $92,000
Problem 1: At the end of the period, the physical count of inventory reveals that $10,000 of inventory is on hand. What is the amount of cost of goods sold?
A. 82,000
B. 96,000
C. 116,000
D. 92,000
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