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The company records sales to employees net of discounts

Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2011 fiscal year:

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The company records sales to employees net of discounts. These discounts totaled $15,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method (average cost and the LCM approximation).

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Accounting Basics: The company records sales to employees net of discounts

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