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Unformatted text preview: Sales $ 7,748,000 Sales returns 173,760 Purchases 4,588,800 Purchase returns 28,800 Merchandise inventory, 1/1/08 948,000 To secure a loan, Phelps Company has been asked to present current financial statements. However, the company does not wish to take a complete physical inventory as of July 31, 2008. REQUIRED: From the data given, compute the estimated inventory as of July 31, 2008....
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This note was uploaded on 02/08/2011 for the course ACCT 2101 taught by Professor Turner during the Spring '08 term at Georgia Institute of Technology.
- Spring '08