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(Chapter 8) ABC Corporation is a supplier of electronic components used in the manufacture of Widgets. The company uses the FIFO cost flow method. During
(Chapter 8) ABC Corporation is a supplier of electronic components used in the manufacture of Widgets. The company uses the FIFO cost flow method. During the month of September 2023, A.BC's inventory records for part ABC0325, showed the following transactions: Instructions a. Assuming ABC uses a perpetual inventory system; prepare the journal entries for each of the above listed transactions. b. Assuming ABC uses a periodic inventory system; explain how the journal entries as compared to part a. would differ. Be specific. Do not prepare journal entries. c. What would be the difference in total cost of goods sold between parts a. and b.? Explain your
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