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A firm had merchandise inventory of $60,000 on January 1, 2011, and had purchases of $90,000, freight in of $1,200, purchases returns and allowances of $4,600, and purchases discounts of $2,000 during 2011. The firm had merchandise inventory of $54,000 on December 31, 2011.

 What was the cost of goods sold? 

 

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