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Question 7) Assume that Tract Company uses a periodic inventory system and has these account...

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Accounting

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Question 7) Assume that Tract Company uses a periodic inventory system and has these account balances: Purchases $995,000; Purchase Returns and Allowances $113,700; Purchase Discounts $58,900; Freight-In $44,400, Beginning Inventory $90,000, Net Sales $1,345,678, and Ending Inventory $60,000. Instructions (no color required): A. Determine Net Purchases and Cost of Goods Purchased. B. Determine Cost of Goods Sold and Gross Profit

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