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    badlands_countr's Avatar
    badlands_countr Posts: 1, Reputation: 1
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    #1

    Oct 26, 2008, 02:21 PM
    FIFO Periodic System Adjusting Entries
    I am stumped on what my adjusting entry should be for the period for a FIFO Periodic Inventory system.

    Beginning Inventory $500
    Net Purchases for Period $2020
    Ending Inventory $770

    Purchases for the Period were Debited at $2020


    My book tells me that an adjusting entry should be made, but I don't know which accounts are debited and credited. Thanks so much for your help.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 26, 2008, 03:22 PM

    The adjusting entry will be for the difference between the Beginning Inventory + puchases and the Ending inventory.

    This Entry is:
    Debit Cost of Goods Sold
    Credit Merchandise Inventory
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