Seller use a perpetual inventory system, Accounting Basics

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Seller use a perpetual inventory system

Taos Company purchased merchandise for resale from Tuscon Company with an invoice price of $22,000 and credit terms of 2/10, n/60. The merchandise had cost Tuscon $15,004. Taos paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.

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Accounting Basics: Seller use a perpetual inventory system

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