For (a) through (d), identify the items designated by X and Y. a. Purchases (X +
Question:
a. Purchases – (X + Y) = Net purchases.
b. Net purchases + X = Cost of merchandise purchased.
c. Merchandise inventory (beginning) + Cost of merchandise purchases = X.
d. Merchandise available for sale – X = Cost of merchandise sold.
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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