Solved: Change depending on the inventory method, Accounting Basics

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Change depending on the inventory method

Question: After doing all of the closing entries, with the exception of the entry to close the dividends account, the Income Summary Account has a Credit balance of $17, 600.

What does this number represent? Would the answer change depending on the inventory method that we were using?

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Accounting Basics: Change depending on the inventory method

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Accounting Basics: Change depending on the inventory method

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