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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

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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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