Question
Baghdad Bookstores, a leading retailer of books in Iraq, reports the following inventory details as of December 31, 2023: Beginning Inventory: IQD 25,000,000 Purchases: IQD
 Baghdad Bookstores, a leading retailer of books in Iraq, reports the following inventory details as of December 31, 2023:
- Beginning Inventory: IQD 25,000,000
- Purchases: IQD 50,000,000
- Sales Revenue: IQD 70,000,000
- Ending Inventory: IQD 30,000,000
Determine the cost of goods sold for Baghdad Bookstores for the year ended December 31, 2023, using both the periodic inventory system and the perpetual inventory system. Discuss the advantages and disadvantages of each inventory valuation method in the context of Baghdad Bookstores' operations.
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
25th edition
978-1285069609, 1285069609, 978-1133607601
