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Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18....

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Accounting

Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman.

Longmire uses a periodic inventory system.

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