# 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 Posts: 2,988, Reputation: 1016 Ultra Member #2 Oct 26, 2008, 04:22 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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