Question: Describe how the periodic inventory system changes the way cost of goods sold is determined under the different cost flow assumption (FIFO, LIFO, and average

Describe how the periodic inventory system changes the way cost of goods sold is determined under the different cost flow assumption (FIFO, LIFO, and average cost). Why are these computations different in the periodic system versus the perpetual system? Can you think of any internal control procedures that are related to safeguarding inventory and to the accuracy of inventory balances? Please describe them

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