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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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SOLUTION TO EXERCISE 5-7

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TIP: A periodic inventory system is characterized by no entries being made to the Inventory account during the period. Acquisitions are recorded in a Purchases account. The cost of inventory withdrawals is computed and reflected in the accounts only at the end of the period.

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