IRS Special Enrollment Examination (SEE) — Enrolled Agent

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A small retail business began the year with an inventory valued at $50,000. During the year, it purchased an additional $120,000 worth of goods for resale. At the end of the year, its remaining inventory was valued at $40,000. What is the Cost of Goods Sold (COGS) for the year?

$$110,000 $$120,000 $$130,000 $$210,000

Correct Answer:

$$130,000

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