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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. LOAssume that Jess Ltd uses a periodic inventory system and has the following account balances: Beginning inventory $ Ending inventory $ Sales $ Purchases $ Purchase returns $ and Freightin $ Determine the amounts to be reported for cost of net purchases, cost of sales and gross profit.
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