Better Buy, Inc. has 7 units in inventory on December 31. The units were purchased in November for $160 each. The price lists from the suppliers indicate that the same items would now cost the company a total of $1,155. What would be the amount reported as Ending Merchandise Inventory on the balance sheet?

Group of answer choices

$2,275

$325

$1120

$1155

A merchandiser purchased inventory on account for $18,000. Under the periodic inventory system, the journal entry to record the purchase would include ________.

Group of answer choices

a debit to Purchases for $18,000 and a credit to Accounts Payable for $18,000

a debit to Accounts Payable for $18,000 and a credit to Purchases for $18,000

a debit to Merchandise Inventory for $18,000 and a credit to Accounts Payable for $18,000

a debit to Accounts Payable for $18,000 and a credit to Merchandise Inventory for $18,000