Following are the account balances from Connery Company's statement of comprehensive income: Inventory, January 1, 2017             $34,000 Purchases                                       50,000 Purchase returns                              5,000 Purchase discounts                           4,000 Freight-in                                         6,000 Inventory, December 31, 2017        15,000 Freight-out                                       8,000 Given this information, the cost of goods sold during 2017 is?

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A:

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A: Definition:

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