Assuming a periodic inventory system, identify the item designated by the letter X in the following: Purchases X = Net purchases. Beginning inventory…

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  1. Assuming a periodic inventory system, identify the item designated by the letter X in the following:
  2. Purchases − X = Net purchases.
  3. Beginning inventory + X = Cost of goods available for sale.
  4. Cost of goods available for sale − Cost of Sales = X.
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