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Juliet Company was in possession of merchandise on consignment basis from various suppliers as of December 31, 2016. The P100,000 worth of merchandise was included

Juliet Company was in possession of merchandise on consignment basis from various suppliers as of December 31, 2016. The P100,000 worth of merchandise was included in the ending inventory of 2016. The said consigned merchandise was also recorded as purchases in 2016

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