COGS

Question 2: Periodic Inventory System The question has two steps. Pay attention. 10 points total. Company A uses a periodic inventory system. The beginning balance of the Inventory for 2020 was $40.000. During the year the company purchased $690,000 of merchandise. At the end of the year on December 31, 2020, the balance of the Inventory is $120.000. Please calculate the COGS and prepare the adjusting entry for December 31" 2020. Calculations Joumal Entry Date Account Tittle Debit Credit