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During the year, a company's inventory decreased by $20,000. if the company's cost of goods sold for the year was $400,000, find the amount for purchases.

Respuesta :

MsTeel

Purchases for the year = $380,000

Cost of goods sold =  change in inventory + purchases

Make purchases = x, solve for x

400,000 = 20,000 + x

x= 380,000

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