The following amounts are known: Beginning merchandise inventory $27,000 Ending merchandise inventory 28,000 Purchases 59,000 Purchases returns and allowances 2,500 Purchases discounts 3,100 Freight-in 290   Assume the business makes estimates for sales returns and allowances at year end. The balances for estimated returns inventory are provided below. Beginning estimated returns inventory $2,300 Ending estimated returns inventory 3,200   Required:   Prepare the cost of goods sold section of the income statement for Havens Gift Shop

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