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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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(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 ...