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a) On day 1 Lilac had credit sales of $30,000. Lilac uses a perpetual inventory system and cost of goods sold was $18,000. Estimated sales
a) On day 1 Lilac had credit sales of $30,000. Lilac uses a perpetual inventory system and cost of goods sold was $18,000. Estimated sales returns are 5% of sales. On day 4, Lilac recorded the necessary entries for a sales return of $800 related to the initial credit sale of $30,000 above. Items costing $480 were accepted by Lilac with the return. Lilac uses IFRS.
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