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The following information is for X Company, a merchandiser:

Accounts Payable, January 1	$57,907
Accounts Payable, January 31	$35,949
Payments of accounts payable	$331,164
Merchandise Inventory, January 1	$52,254

If Cost of Goods Sold in January was $321,584, what was the balance in Merchandise Inventory on January 31 (assume that all merchandise purchases are on account)?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9950787

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