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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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SOLUTION TO EXERCISE 5-8

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TIP: When the periodic inventory system is used, withdrawals from inventory are not recorded as cost of goods sold until the end of the accounting period.

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TIP: The amount was collected after the end of discount period so no discount is allowed.

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