At the end of each accounting period, all goods currently on hand are counted. This process is

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At the end of each accounting period, all goods currently on hand are counted. This process is called taking a physical inventory . Since its purpose is to find the cost of the goods that were sold, each item is reported at its [cost / selling price].

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Essentials Of Accounting

ISBN: 9780273771463

11th International Edition

Authors: Leslie K. Breitner

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