Problem concerning periodic inventory system


Question: In the following separate mini cases, using a periodic inventory system, identify the item(s) designated by the letter.

(a) Purchases _ X _ Y _ Net purchases.

(b) Cost of goods purchased _ Net purchases _ X.

(c) Beginning inventory _ X _ Cost of goods available for sale.

(d) Cost of goods available for sale _ Cost of goods sold _ X.

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Accounting Basics: Problem concerning periodic inventory system
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