juan morales company had following account balances year end cost goods sold 62070 inventory

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Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $62,070, Inventory $15,000, Operating Expenses $30,060, Sales Revenue $126,930, Sales Discounts $1,100, and Sales Returns and Allowances $1,880. A physical count of inventory determines that merchandise inventory on hand is $12,400.

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