DE9-4 Use the data in Daily Exercise 9-3 to record Rugged River Outfitters' purchase and sale transactions

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DE9-4 Use the data in Daily Exercise 9-3 to record Rugged River Outfitters' purchase and sale transactions under the periodic inventory system. Why can't you measure Rugged River's gross profit under the periodic system? What additional information is needed to compute cost of goods sold and the gross profit?

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