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62. Using the following information, determine the (a) cost of goods sold (show your work) and (b) gross profit. Net sales $198,000 Purchases 92,000 Purchases

62. Using the following information, determine the (a) cost of goods sold (show your work) and (b) gross profit.

Net sales $198,000

Purchases 92,000

Purchases Ret&Allow 1,800

Purchases discounts 1,250

Freight-in 1,590

Beginning inventory 63,000

Ending inventory 37,000

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