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The florida corp closes its books once a year on dec 31 on

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The Florida Corp. closes its books once a year on Dec. 31. On Aug. 12, 2011, Florida's "Merchandise Inventory" account has a balance of $43,000 in the Florida general ledger.
Required: If Florida maintains a periodic inventory, what does this $43,000 number signify?

Reference no: EM13602727

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