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On October 29, 2008, Bram Co. began operations by purchasing razors for resale. Bram uses the perpetual inventory method.
On October 29, 2008, Bram Co. began operations by purchasing razors for resale. Bram uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company’s cost per new razor is $16 and its retail selling price is $60 in both 2008 and 2009. The manufacturer has advised the company to expect warranty costs to equal 7% of dollar sales. The following transactions and events occurred.2008Nov. 11
