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Business, 04.07.2020 23:01 TrueKing184

Assume that Blossom Company uses a periodic inventory system and has these account balances: Purchases $350,000; Purchase Returns and Allowances $10,000; Purchase Discounts $6,000; and Freight-in $15,000. Blossom Company has beginning inventory of $55,000, ending inventory of $85,000, and net sales of $640, 000. Determine the amounts to be reported for cost of goods sold and gross profit.
Cost of goods sold$
Gross profit$

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