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Kingbird Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. ( a ) On July 1 . ( 1
Kingbird Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.
a
On July Kingbird purchased $ of inventory, terms n FOB shipping point. Kingbird paid freight costs of $
b On July Kingbird returned damaged goods and received credit of $
c On July Kingbird paid for the goods.
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