Assume that Cullumber Company uses a periodic inventory system and has these account balances: Purchases...
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Accounting
Assume that Cullumber Company uses a periodic inventory system and has these account balances: Purchases $384,800; Purchase Returns and Allowances $10,600; Purchase Discounts $6,600; and Freight-in $15,500. Cullumber Company has beginning inventory of $62,600, ending inventory of $85,800, and net sales of $648,300.
Determine the amounts to be reported for cost of goods sold and gross profit.
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