explain why answer is 720000 and 650000 Lowes sells merchandise to...
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explain why answer is 720000 and 650000
Lowes sells merchandise to customers. Cost of inventory is 70% of the selling price. - Lowes uses a gross method to account for sales discount on early receipt of accounts receivables. - The terms for all Account Receivables are 2/10, n/30. - Merchandise becomes unreturnable after 5 months. In 2021, the beginning inventory for Lowes was \$1,000,000. Lowes' sales transactions during 2021-2022 are as follow What are the balances of net inventory at the end of 2021 and 2022 , respectively
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