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Calculate cost of sales and gross profit. LO 2 Assume that Jess Ltd uses a periodic inventory system and has the following account balances: Beginning

Calculate cost of sales and gross profit. LO2Assume that Jess Ltd uses a periodic inventory system and has the following account balances: Beginning inventory $45000, Ending inventory $67500, Sales $472500, Purchases $300000, Purchase returns $14250, and Freight-in $12000. Determine the amounts to be reported for cost of net purchases, cost of sales and gross profit.

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