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Brief Exercise 5-10 Assume that Crane Company uses a periodic inventory system and has these...

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Accounting

Brief Exercise 5-10 Assume that Crane Company uses a periodic inventory system and has these account balances: Purchases $446,600; Purchase Returns and Allowances $10,300; Purchase Discounts $8,200; and Freight-in $17,800. Crane Company has beginning inventory of $57,500, ending inventory of $89,200, and net sales of $640,600. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit

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