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Question - Grossman Ltd., a retail store chain, had the following information in its general ledger for the year 2017:
Merchandise purchased for resale $909,400
Interest on notes payable to vendors for the purchase of inventory 8,700
Purchase returns 16,500
Freight-in 22,000
Freight-out 17,100
Cash discounts on purchases 6,800
Storage costs incurred when warehouse became full 8,300
Assume that Grossman Ltd. is a private company reporting under ASPE. What is Grossman's inventoriable cost for 2017?
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Refer to Exercise and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.
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