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Determine the amounts to be reported for cost of goods sold

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Reference no: EM132813430

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

Assume that Wildhorse Co. uses a periodic inventory system and has these account balances: Purchases $423,700; Purchase Returns and Allowances $11,800; Purchase Discounts $6,400; and Freight-in $16,300. Wildhorse Co. has beginning inventory of $56,200, ending inventory of $91,200, and net sales of $651,700.

Reference no: EM132813430

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