Question: Solve BOTH correctly and explain work for a thumbs up. Assume that Gallant Company uses a periodic inventory system and has these account balances: Purchases

Solve BOTH correctly and explain work for a thumbs up.

Solve BOTH correctly and explain work for a thumbs up. Assume that

Gallant Company uses a periodic inventory system and has these account balances:

Assume that Gallant Company uses a periodic inventory system and has these account balances: Purchases $472,120, Purchase Returns and Allowances $13,820, Purchase Discounts $8,200, and Freight-In $18,540. Determine net purchases and cost of goods purchased. Net purchases Cost of goods purchased

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