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Answer to Question 1.
List price of goods = $185,700
Discount 1 = 20%
Discount 2 = 10%
Discount 1 given on goods = $185,700 * 20%
Discount 1 given on goods = $37,140
Value of Goods after Discount 1 = $185,700 - $37,140
Value of Goods after Discount 1 = $148,560
Discount 2 given on goods = $148,560 * 10%
Discount 2 given on goods = $14,856
Value of Goods after Discount 2 = $148,560 - $14,856
Value of Goods after Discount 2 = $133,704
Therefore, Cost of Goods purchased is $133,704.
Skysong Co. purchased goods with a list price of $185,700, subject to trade discounts of 20%...
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