Inventory balance of $120,000
Cost of Goods Sold $240,000
Physical count on Dec. 31, 2000 - $92,000 of ending inventory
Adjust the inventory records assuming that the perpetual inventory method is used.
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Inventory balance of $120,000
Cost of Goods Sold $240,000
Physical count on Dec. 31, 2000 - $92,000 of ending inventory
Adjust the inventory records assuming that the perpetual inventory method is used.
First 120,000 - 92,000 = 28,000
Dr.Cost of goods sold... 28,000
Cr.Merchandise inventory... 28,000
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