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Hi, I am new to study accounting and already so confused by Periodic and perpetual, FIFO Weighted Average cost method. Here is a question. What
Hi, I am new to study accounting and already so confused by Periodic and perpetual, FIFO Weighted Average cost method. Here is a question.
What journal entry would be required to adjust both COGS and closing inventory if the weighted average cost method had been used BUT now we require the COGS and closing inventory values to be changed to reflect the use of FIFO as the cost method?
Thank you in advance. I really appreciate your help.
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