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A buyer purchased merchandise from a seller with credit terms 3/30, n/90 and an invoice price of $27,600. The merchandise had cost the seller $18,823.

A buyer purchased merchandise from a seller with credit terms 3/30, n/90 and an invoice price of $27,600. The merchandise had cost the seller $18,823. Both the buyer and seller use a perpetual inventory system and the gross method.

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