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(PERIODIC VERSUS PERPETUAL ENTRIES) The Phoenix Company sells one product, the Wipplesnip. Presented below is information for January for the Phoenix Company: Phoenix uses the

(PERIODIC VERSUS PERPETUAL ENTRIES) The Phoenix Company sells one product, the Wipplesnip. Presented below is information for January for the Phoenix Company: Phoenix uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions (a) Assume Phoenix wses a neriodic custem Prenare all necessary inurnal entries including the end-of-month adiustingl (b) Compute gross profit using the periodic system. (r) Accume Phonniv nepe a nernetral cuctem Prenare all nereccarv inurnal entriec

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