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Identify Items Missing in Determining Cost of Goods Sold For (a) through (e), identify the items designated by X and Y, a
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Answer #1
Ans. A Purchases - (Purchase discounts + Purchase returns and allowances) = Net purchases
Ans. B Net purchases + Freight in   = Cost of inventory purchased
Ans. C Inventory (beginning) + Cost of inventory purchased   = Inventory available for sale
Ans. D Inventory available for sale - Ending inventory = Cost of goods sold before estimated returns
Ans. E Cost of goods sold before estimated returns - Estimated returns = Cost of goods sold
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