320CheckFigures_08 - owe. EXERCISE 8-16 See the tutorial in...

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CHAPTER 8 Valuation of Inventories: A Cost Basis Approach EXERCISE 8-8 This problem involves both trade and cash discounts. Remember to do the trade discount first. It gives you the starting point. From there, you use the gross or net method to record the purchase. The return on Feb 4 will need to be recorded using the same method you used to put it on the books (i.e. after the trade discount but before the cash discount since this is the gross method). When you ultimately pay the invoice, you’ll get the cash discount percentage off of the remaining balance you
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Unformatted text preview: owe. EXERCISE 8-16 See the tutorial in Blackboard under the Documents/Handouts section if you dont remember how to do these. EXERCISE 8-23 I suggest you set up a chart similar to the one in the course packet to figure this out. Plug in the information that you know and try to figure out the missing pieces. EXERCISE 8-24 I suggest you set up a chart similar to the one in the course packet to figure this out. Plug in the information that you know and try to figure out the missing pieces. 8-1...
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