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Assume that Crane Company uses a periodic inventory system and has these account balances: Purchases $369,200, Purchase Returns and Allowances $10,300, Purchase Discounts $6,600, and
Assume that Crane Company uses a periodic inventory system and has these account balances: Purchases $369,200, Purchase Returns and Allowances $10,300, Purchase Discounts $6,600, and Freight-In $17,700. Determine the cost of goods purchased.
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