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For the current fiscal year, Purchases were $300,000, Purchase Returns and Allowances were $4,500 and Freight In was $24,000.

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Answer #1

answer: $414,500

Cost of goods sold

= beginning inventory + (purchases - purchase returns) + freight - ending inventory

= 185000 + (300000 - 4500) + 24000 - 90000

= $414,500

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