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Determine the cost of goods sold

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Question - Assume that Swann Company uses a periodic inventory system and has these account balances: Purchases $630,000; Purchase Returns and Allowances $25,000; Purchase Discounts $11,000; and Freight-In $19,000; beginning inventory of $45,000; ending inventory of $55,000; and net sales of $750,000.

Instructions - Determine the a) cost of goods sold and b) Gross profit (show computations).

Reference no: EM132629973

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