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Calculate net purchases and cost of goods purchased

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Bassing Corp. uses a periodic inventory system and reports the following information: sales $1,708,000; purchases $880,000; purchase returns and allowances $13,000; purchase discounts $14,000; freight in $16,000; freight out $37,000; beginning inventory $96,000; and ending inventory $82,000.

Problem 1: Assuming Bassing uses a multiple-step statement of income, calculate (a) net purchases, (b) cost of goods purchased, (c) cost of goods sold, and (d) gross profit.

Reference no: EM132667762

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