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Compute the amount of merchandise inventory purchased for the fiscal year 2008. Since "Cost of goods sold" reported in the income statement includes cost of merchandise, and other related expenses, assume 90% of the costs listed under "cost of goods sold" are cost of merchandise. Compare purchases to cost of goods sold and state any conclusions about the company's operations.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948351

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