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Blossom Company's accounting records show the following for the year ending on December 31, 2017.


Purchase Discounts $ 11000
Freight-in 15300
Purchases 689020
Beginning Inventory 55000
Ending Inventory 45600
Purchase Returns and Allowances 15100

Using the periodic system, the cost of goods purchased is

Respuesta :

Answer:  $678,220

Explanation:

Given that,

Purchase Discounts = $ 11,000

Freight-in = $15,300

Purchases = $689,020

Beginning Inventory = $55,000

Ending Inventory = $45,600

Purchase Returns and Allowances = $15,100

Cost of goods purchased:

= Purchases + Freight in - Purchase discounts - Purchase returns and allowances

= $689,020  + $15,300  - $ 11,000  -  $15,100

= $678,220

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