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ACC1220 Part 1 Accounting for Merchandising Activities What is a merchandiser? Explain following terms; Inventory COGS Perpetual Inventory System Trade Discount Purchase Discount FOB Shipping

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ACC1220 Part 1 Accounting for Merchandising Activities What is a merchandiser? Explain following terms; Inventory COGS Perpetual Inventory System Trade Discount Purchase Discount FOB Shipping Point Fob Destination Freight -in/Transportation -in Credit Terms Sales Discounts Sales Returns & Allowances

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