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Grouper Corp. uses a periodic inventory system and reports the following information: sales $1,878,000; sales returns and allowances $135,000; sales discounts $31,000; purchases $894,000; purchase
Grouper Corp. uses a periodic inventory system and reports the following information: sales $1,878,000; sales returns and allowances $135,000; sales discounts $31,000; purchases $894,000; purchase returns and allowances $15,000; purchase discounts $14,000; freight in $16,000; freight out $39,000; beginning inventory $92,000; and ending inventory $90,000. Assuming Grouper uses a multiple-step income statement.
calculate:
Net sales
Net purchases
Cost of goods purchased
cost of goods sold.
gross profit.
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