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For a through d identify the items designated by X and Ya Purchases X Y Net purchases Here is a tip When using the periodic inventory system purchases of inventory are not recorded

For (a) through (d), identify the items designated by X and Y.
a. Purchases - (X + Y) = Net purchases.

 

Here is a tip:

When using the periodic inventory system, purchases of inventory are not recorded in the merchandise inventory account. 

b. Net purchases + X = Cost of merchandise purchased.

 

Here is a tip:

When using the periodic inventory system, purchases of inventory are not recorded in the merchandise inventory account. 

Apr 14 2021 View more View Less

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