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Company ABC is a manufacturing firm that produces electronic gadgets. During the fiscal year, it purchases raw materials, incurs manufacturing costs, sells its products, and

Company ABC is a manufacturing firm that produces electronic gadgets. During the fiscal year, it purchases raw materials, incurs manufacturing costs, sells its products, and manages its finances. The company follows accrual accounting principles and prepares financial statements annually. Explain the accounting process involved in recording the transactions and events of Company ABC throughout the fiscal year, from the initial purchase of raw materials to the preparation of financial statements.

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