Calculate the cost of goods purchased, Accounting Basics

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Calculate the cost of goods purchased

Solve the below problem:

Q: For the current year, the following data were taken from the accounting records: Sales, $900,000; Sales Returns Allowances, $30,000; Purchases $500,000; Purchase Returns and Allowances, $8,000; Purchase Discounts, $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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Accounting Basics: Calculate the cost of goods purchased

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Accounting Basics: Calculate the cost of goods purchased

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