Assume that alshare company uses a periodic inventory, Ask an Expert

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Assume that Alshare Company uses a periodic inventory system and has these account balances: Purchases $450,000; Purchase Returns and Allowances $11,000; Purchase Discounts $8,000; Freight-in $16,000; Beginning Inventory $60,000; Ending Inventory $90,000, and Net Sales of $630,000. Determine:

(a) Amount to be reported for cost of goods sold.
(b) Amount to be reported for gross profit.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975343

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