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Accounting for Inventories and cost flow methods

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Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system (in less than 230 words).

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The solution includes a 189-word synopsis of accounting for inventories, inventory formula and inventory cost flow methods.

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Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system.

The basis of accounting for inventories is cost. The inventory formula is beginning inventory plus purchases during the month minus ending inventory equals cost of goods sold or all expenses incurred ...

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