Question: please do both parts Inventory data for ABC Company for the year ended December 31,2021 , are as follows: 1. Assume ABC Company uses a
Inventory data for ABC Company for the year ended December 31,2021 , are as follows: 1. Assume ABC Company uses a perpetual inventory system. Compute the Company's ending inventory balance on December 31,2021 , and the Cost of Goods Sold for the year, using the FIFO method of cost determination. 2. Assume ABC Company uses a periodic inventory system. Compute the Company's ending inventory balance on December 31,2021 , and the Cost of Goods Sold for the year, using the FIFO method of cost determination. Clearly label whether your answers are for a Periodic or a Perpetual inventory system. You may answer directly in the textbox, or attach a scanned copy of your handwritten answer (with a maximum of two attachments). You cannot use a spreadsheet and must show all work to receive credit
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