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Determine the cost of goods sold and gross profit

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Reference no: EM132607653

Question - Using the following information, answer the questions.

Net sales $198,000

Purchases 92,000

Purchases returns and allowances 1,800

Purchases discounts 1,250

Freight-in 1,590

Merchandise inventory, beginning of period 63,000

Merchandise inventory, end of period 37,000

1. Determine the cost of goods sold.

2. Determine the gross profit.

Reference no: EM132607653

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