Question: Step 1: Recall we use periodic inventory system. So BI + Net purchases - COGS = EI BI: __________(is the beginning inventory of this year,

Step 1: Recall we use periodic inventory system. So BI + Net purchases - COGS = EI BI: __________(is the beginning inventory of this year, which is listed on year-end worksheet) EI: $202,920 (Given p.5 of Transaction list A) Net purchases= Purchases + freight-in - purchases discounts - purchase returns

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