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Assume that Lehman Company uses a periodic inventory system and has these account balances: Purchases $416,356; Purchase Returns and Allowances $10,864; Purchase Discounts $7,218; and Freight-in $15,242. Also assume that Lehman Company has beginning inventory of $58,657, ending inventory of $88,514, and net sales of $654,399. Determine the amounts to be reported for cost of goods sold and gross profit. Find:
1- Cost of goods sold2- Gross profit
Some of the business practices portrayed in the film Inside Job would be criticised by both John Rawls and Robert Nozick. Identify and describe some of these problematic practices in Inside Job and then.
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