P5-6A Kristen Montana operates a retail clothing operation. She purchases all merchandise in ventory on credit and

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P5-6A Kristen Montana operates a retail clothing operation. She purchases all merchandise in¬

ventory on credit and uses a periodic inventory system. The accounts payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts.You are provided with the following selected information for the fiscal years 2005,2006,2007, and 2008.

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