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Use the following information for the month of June for questions
XYZ Inc.uses the average cost formula in a perpetual inventory system.
(Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)
-The cost of goods sold for the June 8 sale is
Payable on Demand
A financial term indicating that a debt or other financial obligation is due for payment immediately or whenever the creditor requests it.
Time of Payment
The specific period or date by which payment for goods or services is due or expected.
Fixed Future Time
A specific date or time in the future that is agreed upon for the completion of a transaction or event.
Words of Negotiability
Specific phrases or terms stipulated in a financial instrument that allow it to be transferred or negotiated from one party to another.
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