7-7. End-of-period adjustments. Extra Busy needs your help with inventory entries. The company uses the periodic inventory method. At the end of the accounting period, the company takes a physical invento inventory and finds that $96,789 of goods are on hand. Purchases during the period were $783,422, and inventory at the beginning of the period was $105,627. Freight on merchandise coming into the business was $8,552, and returns of merchandise to suppliers amounted to $12,558. In the schedule below, record the journal entry to be made by Local at the end of the accounting period to close the old inventory and record the new one. 7-8. End-of-period adjustments. ieorge, Inc. uses the perpetual method of recording inventory. Its records show ha iasontor howeyer finds only S98,200