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Determine the amounts to be reported for cost of goods sold

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Question - Assume that Cheyenne Company uses a periodic inventory system and has these account balances: Purchases $477,500; Purchase Returns and Allowances $11,200; Purchase Discounts $8,900; and Freight-In $17,600. Cheyenne Company has beginning inventory of $64,100, ending inventory of $94,800, and net sales of $771,600. Determine the amounts to be reported for cost of goods sold and gross profit.

Reference no: EM132517312

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