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On October 29, Lobo Company began operations by purchasing razors for resale. The razors have...

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Accounting

On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is 20 and its retail selling price is 75. The company expects warranty costs to equal 6

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