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Question : If Nancy's outlet has finished goods August 1, 20XX of

If Nancy's outlet has finished goods on August 1, 20XX of $500,000, and finished goods on August 31, 20XX of $400,000, and the company purchased $2, 100,000 of inventory during the month of August, 20XX, prepare the cost of goods sold section of the income statement in good form (including a proper three-line heading).

 

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