The D-Snap Corporation purchased merchandise during 2017 oncredit for $700,000; terms 2/10, n/30. Al
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The D-Snap Corporation purchased merchandise during 2017 oncredit for $700,000; terms 2/10, n/30. All of the gross liabilityexcept $100,000 was paid within the discount period. The remainderwas paid within the 30-day term. At the end of the annualaccounting period, December 31, 2017, 90% of the merchandise hadbeen sold and 10% remained in inventory. The company uses aperiodic system. What dollar amounts should be reported for the final inventoryand cost of goods sold under the (2) gross method? Assume thatthere was no beginning inventory . . .
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