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5 pts Question 9 Baraboo Company uses the periodic inventory system. Sales for 2016 were $940,000 while operating expenses we
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Answer #1

Cost of goods sold = Beginning inventory + Net purchases + Freight - Ending inventory

= $140,000 + $360,000 + $30,000 - $120,000

= $410,000

Net income = Sales - Cost of goods sold - Operating expenses

= $940,000 - $410,000 - $350,000

= $180,000 net income.

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