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Question: Purrfect Pets uses the perpetual inventory system. At the beginning of the quarter, Purrfect Pets has $37,000 in inventory. During the quarter the company purchases $8,950 of new inventory from a vendor, returned $1,400 of inventory to the vendor, and took advantage of discounts from the vendor of $270. At the end of the quarter the balance in inventory is $30,000. What is the cost of goods sold?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92574296

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