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owes sells merchandise to customers. Cost of inventory is 70% of the selling price. - Lowes uses a gross method to account for sales discount
owes sells merchandise to customers. Cost of inventory is 70% of the selling price. - Lowes uses a gross method to account for sales discount on early receipt of accounts receivables. - The terms for all Account Receivables are 2/10, n/30. - Merchandise becomes unreturnable after 5 months. In 2021, the beginning inventory for Lowes was $1,000,000. Lowes' sales transactions during 2021-2022 are as follows: Multiple Choice ($153.000) ($45.000) $540,000 $370.000
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