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ABC Corporation owns 75 percent of XYZ Company's voting shares. During 2008, ABC produced 50,000 chairs at a cost of $79 each and sold 35,000 chairs to XYZ for $90 each. XYZ sold 18,000 of the chairs to unaffiliated companies for $117 each prior to December 31, 2008, and sold the remainder in early 2009 for $130 each. Both companies use perpetual inventory systems.

Based on the information given above, what amount of cost of goods sold did ABC record in 2008?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9418242

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