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(ACCT2020) Assume that Lehman Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns and Allowances $11,000; Purchase Discounts $7,000; and Freight-in $16,000. Also assume that Lehman Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $620,000. Determine the amounts to be reported for cost of goods sold and gross profit.

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