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Determine the amounts to be reported for cost of goods sold

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Problem

Assume that Ivanhoe Company uses a periodic inventory system and has these account balances: Purchases $430,200; Purchase Returns and Allowances $12,800; Purchase Discounts $6,100; and Freight-in $17,600. Ivanhoe Company has beginning inventory of $58,000, ending inventory of $87,100, and net sales of $645,300.

Determine the amounts to be reported for cost of goods sold and gross profit.

Reference no: EM131800835

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