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ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking a complete physical inventory at year-end. A physical
ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking a complete physical inventory at year-end. A physical count was taken on December 31, 2014, and the inventory on-hand at that time totaled $80,000. Record the 2014 Cost of Goods Sold and the 12/31/14 Inventory adjustment. (This includes closing Purchases.)
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