Using the data that follows and assuming cost of goods sold is $273,700, prepare the cost of goods sold section of a merchandising income statement (periodic inventory system). Include the amount of purchases for the month of October.
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Freight-in
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$13,800
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Merchandise inventory, September 30, 2014
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37,950
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Merchandise inventory, October 31, 2014
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50,600
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Purchases
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?
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Purchases returns and allowances
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10,350
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