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Identify items missing in determining cost of goods sold. For the equations listed below identify X and Y. Purchases (X+Y) =Net purchases Net purchases +

Identify items missing in determining cost of goods sold. For the equations listed below identify X and Y.

Purchases (X+Y) =Net purchases

Net purchases + X = Cost of inventory purchased

Inventoyr (beginning) + Cost of inventory purchased = X

Inventory available for sale X= Cost of inventory before estimated returns

Cost of goods sold before estimated returns X=Cost of Goods Sold

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