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Procter & Gamble is a multinational corporation that manufactures and markets many household products. Assume sales for the company in a recent year were $

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Procter & Gamble is a multinational corporation that manufactures and markets many household products. Assume sales for the company in a recent year were $65,000(all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 80 percent of sales were on credit. The average gross profit on sales was 50 percent. Additional account balances were:
\table[[,Ending,Beginning],[Accounts receivable (net),$6,600,$6,500
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