One companys accounting records for the year ended Dec 31
a- Sales revenues $585,000
b- Sales Discounts $3000
c- Purchases 420,000
d- Purchase returns and allowances $5000
e- Inventory (Jan 1) $33000
f- Inventory (Dec 31) $37000
g- Operating expense $146,000
h- Retained Earnings (Jan 1) 71,000
Calculate cost of goods sold for the year SOLUTION
