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Question(s) / Instruction(s):

A company, using the periodic inventory system, has merchandise inventory costing $232 on hand at the beginning of the period. During the period, merchandise costing $560 is purchased. At year-end, merchandise inventory costing $218 is on hand. Determine the cost of merchandise sold for the year.

a)            $218      

b)            $574      

c)            $560      

d)            $232

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