Assume that Jess Ltd uses a periodic inventory system and has the following account balances: Beginning Inventory

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Assume that Jess Ltd uses a periodic inventory system and has the following account balances: Beginning Inventory $45 000, Ending Inventory $67 500, Sales $472 500, Purchases $300 000, Purchase Returns $14 250, and Freight-in $12 000. Determine the amounts to be reported for cost of net purchases, cost of sales and gross profit.

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Financial Accounting Reporting Analysis And Decision Making

ISBN: 9780730313748

5th Edition

Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong

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