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Phoenix Fertilizer uses a periodic inventory system. At January 1, 2017, inventory was $100. At...

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Phoenix Fertilizer uses a periodic inventory system. At January 1, 2017, inventory was $100. At December 31, 2017, the amount of inventory on hand was $50 and the accounting records showed the following balances: Accounts receivable $ 60 Accounts payable 30 Purchases 400 Purchase discounts Sales 700 Expenses 150 Gross profit for 2017 must have been: a. b. $108 $258 $300 $238 d. 2

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