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Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI...

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Accounting

Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $10,500 cash plus 4 percent sales tax. The clock had originally cost GCI $6,500. Assume GCI uses a perpetual inventory system

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