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Assume that Logan Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns and Allowances $13,000; Purchase Discounts $9,000; and Freight-in $16,000. Logan Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $612,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit $

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9980457

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