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57. Which of the following recording procedures would result in the highest net income for 2012?
1. Recording purchases at gross amounts
2. Recording purchases at net amounts, with the amount of discounts not taken shown under " other expenses " in the income statement
a. 1
b. 2
c. Either 1 or 2 will result in the same net income.
d. Cannot be determined from the information provided.
58. When using the periodic inventory system, which of the following generally would not be separately accounted for in the computation of cost of goods sold?