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The Cost of Goods Purchased

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For the current year, the following data were taken from the accounting records: Sales, $900,000; Sales Returns and Allowances, $30,000; Purchases, $500,000; Purchase Returns and Allowances, $8,000; Discount received, $4,000; Freight-in, $2,000; Beginning Inventory, $90,000; Ending Inventory, $130,000. What was the cost of goods purchased?

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The solution determines the cost of goods purchased.

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