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Assume that Rose Company uses a periodic Inventory system and has these account balances Purchases 45,000 Sales 83,400 Purchase Returns & Allowances 7,600 Inventory (12/31/2020)

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Assume that Rose Company uses a periodic Inventory system and has these account balances Purchases 45,000 Sales 83,400 Purchase Returns & Allowances 7,600 Inventory (12/31/2020) 37.800 Freight-In 3,600 Inventory (1/1/2020) 35,000 Purchase Discounts 900 Sales Returns and Allowances 12,510 Freight-Out 4,800 Sales Discounts 5,430 Determine the amounts to be reported for cost of goods sold, gross profit, and gross profit percentage how all work)

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