For the current fiscal year, Purchases were $680,000, Purchase Returns and Allowances were $21,640, Purchase Discounts were $5,800 and Freight In was $41,500. If the beginning merchandise inventory was $240,000 and the ending merchandise inventory was $215,000, the Cost of Goods Sold is:
A. $719,060
B. $501,060
C. $636,060
D. $476,060
Answer: A
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