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Merchandise inventory beginning cost of merchandise

1. For (a) through (d), identify the items designated by "X" and "Y."

a. Purchases - (X + Y) = Net purchases.

b. Net purchases + X = Cost of merchandise purchased.

c. Merchandise inventory (beginning) + Cost of merchandise purchased = X.

d. Merchandise available for sale - X = Cost of merchandise sold.

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Accounting Basics: Merchandise inventory beginning cost of merchandise

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