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Assume that Ivanhoe Company uses a periodic inventory system and has these account balances: Purchases...

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Accounting

Assume that Ivanhoe Company uses a periodic inventory system and has these account balances: Purchases $431,900; Purchase Returns and Allowances $11,900; Purchase Discounts $8,500; and Freight-in $15,000. Ivanhoe Company has beginning inventory of $61,600, ending inventory of $90,200, and net sales of $652,900. Determine the amounts to be reported for cost of goods sold and gross profit.

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