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Gibson Power Companys accounting records show the following at year-end December 31, 2017: Purchase Discounts $7,800 Beginning Inventory $42,725 Freight-In 10,900 Ending Inventory 29,250 Freight-Out
- Gibson Power Companys accounting records show the following at year-end December 31, 2017:
| Purchase Discounts | $7,800 | Beginning Inventory | $42,725 |
| Freight-In | 10,900 | Ending Inventory | 29,250 |
| Freight-Out | 17,500 | Purchase Returns and Allowances | 4,200 |
| Purchases | 215,650 |
|
|
Assuming that Gibson Power uses the periodic system, compute
- cost of goods purchased
- cost of goods sold
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