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Russell Retail Group begins the year with inventory of $45,000 and ends the year with inventory of $35,000. During the year, the company has four purchases for the following amounts. Purchase on February 17……………………..$200,000 Purchase on May 6…………………………….120,000 Purchase on September 8………………………150,000 Purchase on December 4……………………….400,000 Required: Calculate cost of goods sold for the year. View Solution:
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