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What was the amount of merchandise purchased during the year

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Reference no: EM132805338

Problem 1: Lambda Co. reported the following data at year-end: Sales, $500,000; beginning inventory, $40,000; ending inventory, $45,000; Cost of Goods Sold, $350,000; and gross margin, $150,000. What was the amount of merchandise purchased during the year?

Reference no: EM132805338

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