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    24. In the following separate mini cases, using a periodic inventory system, identify the item(s) designated by the letter.
    (a) Purchases _ X _ Y _ Net purchases.
    (b) Cost of goods purchased _ Net purchases _ X.
    (c) Beginning inventory _ X _ Cost of goods available
    for sale.
    (d) Cost of goods available for sale _ Cost of goods
    sold _ X.

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    Solution Preview

    (a) X = Purchase returns
    <br> Y = Allowances
    <br>(We need to subtract the gross purchases with any returns of unwanted goods, and the result is Net ...