Orange Company uses the perpetual inventory system. At the beginning of the quarter, Orange Company...
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Orange Company uses the perpetual inventory system. At the beginning of the quarter, Orange Company has $30,783 in inventory. During the quarter the company purchases $6,407 of new inventory from a vendor, returned $1,000 of inventory to the vendor, and took advantage of discounts from the vendor of $400. At the end of the quarter the balance in inventory is $23,057.
What is the cost of goods sold?
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