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Assume that Cooper Company uses a periodic inventory system and has these account balances: Purchases $547,000, Purchase Returns and Allowances $37,000, Purchase Discounts $19,000, and

  1. Assume that Cooper Company uses a periodic inventory system and has these account balances: Purchases $547,000, Purchase Returns and Allowances $37,000, Purchase Discounts $19,000, and Freight-In $26,000. Determine net purchases and cost of goods purchased.

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