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Chippewas company sells one product

28/04/2021 Client: asad8949eF Deadline: 2 Day

Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account.

(a) Assume Chippewas uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory

for January is 110 units.

(b) Compute gross profit using the periodic system.

(c) Assume Chippewas uses a perpetual system. Prepare all necessary journal entries.

(d) Compute gross profit using the perpetual system.

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