Sandra Owens owns a business called Sandras Sporting Goods. Her beginning inventory as of January 1, 20--,

Question:

Sandra Owens owns a business called Sandra’s Sporting Goods. Her beginning inventory as of January 1, 20--, was $33,000, and her ending inventory as of December 31, 20--, was $36,000. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...