Assuming the use of the periodic inventory system,use the data below to calculate the net cost of purchases and the cost of goods available for sale for the year ended December 31,20x5.
Definitions:
Medical Insurance
An insurance policy that covers the cost of medical and surgical treatments for the policyholder.
FICA Tax
Federal Insurance Contributions Act tax; a U.S. payroll tax funding Social Security and Medicare, paid by both employees and employers.
Federal Income Tax
A tax levied by the United States federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
Medical Insurance
Insurance that reimburses the costs associated with medical and surgical care received by the insured individual.
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