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Business, 16.07.2020 20:01 croxy0514

Mountain Lake Corporation's accounting records show the following at year-end December 31, 2014: Purchase Discounts $7,230 Beginning Inventory $32,660
Freight-In 8,730 Ending Inventory 29,170
Freight-Out 12,260 Purchase Returns and Allowances 4,190
Purchases 164,250
Assuming that Mountain Lake Corporation uses the periodic system, compute the cost of goods purchased and cost of goods sold.
1. Cost of goods purchased$=?
2. Cost of goods sold$=?

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Mountain Lake Corporation's accounting records show the following at year-end December 31, 2014: Pu...
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