Perform the Indicated Operation and Reduce to Lowest Terms

question 30

Short Answer

Perform the indicated operation and reduce to lowest terms.
1/12 * 1/15 = _____

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Definitions:

Gross Method

An accounting practice where invoice transactions are recorded at their full, or gross, amounts before any discounts are applied.

Periodic Inventory Method

An accounting approach where inventory is physically counted at specific intervals to determine the cost of goods sold.

Merchandise Purchase

Refers to the acquisition of goods to be sold in the normal course of business.