Assume that Ivanhoe Company uses a periodic inventory system and has these account balances: Purchases $402,600; Purchase
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Question:
Assume that Ivanhoe Company uses a periodic inventory system and has these account balances: Purchases $402,600; Purchase Returns and Allowances $10,400; Purchase Discounts $8,000; and Freight-in $17,000.
Determine net purchases and cost of goods purchased.
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