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A company using the periodic inventory system has the following account balances: Merchandise Inventory at...

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Accounting

A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $4,132; Freight In, $641; Purchases, $15,415; Purchases Returns and Allowances, $2,585; Purchases Discounts, $499. The cost of merchandise purchased is equal to

a. $16,056

b. $15,415

c. $12,972

d. $23,272

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