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A company that uses a periodic inventory system provides the following information: ...

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Accounting

  1. A company that uses a periodic inventory system provides the following information:

  1. Beginning Inventory $18,000
  2. Net Purchases $102,000

At the end of the period, the physical count of inventory reveals that $19,000 of inventory is on hand. What is the amount of cost of goods sold?

A) $121,000 B) $120,000 C) $101,000 D) $65,000

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