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Suppose that Oriole uses a periodic inventory system and has the following financial information: Purchases...

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Accounting

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Suppose that Oriole uses a periodic inventory system and has the following financial information: Purchases $614,000; Purchase Retums and Allowances $22,600 : Purchases Discounts $9,900; Frelght-In $23,300; beginning inventory of $45,000; ending frventory of $51,300, and net sales of $781,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold

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