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What the net cost of rico merchandise purchases is

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Problem 1: RiCo uses the perpetual method for inventory and records purchases at gross. In 20X4, it has total merchandise purchases of $324,000. It returns $19,000 of the merchandise for full credit and receives $7,000 in allowances from its vendors for defective merchandise and takes cash discounts of $1,000. The net cost of RiCo's 20X4 merchandise purchases is

Reference no: EM132708819

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