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Please explain your answer. Thank you :) The following information is taken from the accounting records of Rapid Runner Inc. for the year 2016. Required:
Please explain your answer. Thank you :)
The following information is taken from the accounting records of Rapid Runner Inc. for the year 2016. |
Required: |
Compute the missing amount. |
COGS=241 FREIGHT IN= 26 ENDING INVENTORY= 151 GROSS PURCHASES= 308 SALES= 408 PURCHASE DISCOUNT=??????? BEGINING INVENTORY= 154 GROSS PROFIT= 167 PURCHASE RETURNS= 54
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