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Question - For the current period, the following data were taken from the accounting records:
Sales $900,000
Sales Returns and Allowances $30,000
Purchases $500,000
Purchase Returns and Allowances $8,000
Discount received $4,000
Freight-in $2,000
Beginning Inventory $90,000
Ending Inventory $130,000
Required - What was the cost of goods available for sale, net purchases and net sales?
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abc company employs a periodic inventory system and sells its inventory to customers for 15 per unit. abc company had
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