1. During 2016, ABC Company held inventory as follows;

ABC's Central Warehouse

ABC's Inventory Held by Consignees

Beginning Inventory, 1/1/16: $130,000

Beginning Inventory, 1/1/16: $14,000

Ending Inventory,12/31/16: $150,000

Ending Inventory, 12/31/16: $22,000

During the year, the company had the following transactions as follows:

ABC's Central Warehouse

ABC's Inventory Held by Consignees

Purchases: $625,000

Purchases: $70,000

Freight-in: $10,00

Freight-in: $3,000

Transportation costs to ship inventory to consignees: $6,000

Freight-out: $30,000

Freight-out: $1,000

Using the attached T-account template,

1. Document the beginning balances, label them "Bal."
2. Recognize the transactions during the year.
3. Pre pare the adjusting journal entry to recognize cost of goods sold for the ABC Central Warehouse inventory.
4. Pre pare the adjusting journal entry to recognize cost of goods sold for the ABC Central Warehouse inventory

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4. During 2016, ABC Company held inventory as follows; ABC's Central Warehouse ABC's Inventory Held by Consignees Beginning Inventory, 1/1/16: $130,000 Beginning Inventory, 1/1/16: $14,000 Ending Inventory,12/31/16: $150,000 Ending Inventory, 12/31/16: $22,000 During the year, the company had the following transactions as follows: ABC's Central Warehouse ABC's Inventory Held by Consignees Purchases: $625,000 Purchases: $70,000 Freight-in: $10,00 Freight-in: $3,000 Transportation costs to ship inventory to consignees: $6,000 Freight-out: $30,000 Freight-out: $1,000 Using the attached T-account template, a. Document the beginning balances, label them \"Bal.\" b. Recognize the transactions during the year. c. Prepare the adjusting journal entry to recognize cost of goods sold for the ABC Central Warehouse inventory. d. Prepare the adjusting journal entry to recognize cost of goods sold for the ABC Central Warehouse inventory No. 4 = ASSETS LIABILITIES + EQUITY Non-current Assets Current Assets Property, Plant & Equipment Investments Intangible Assets/Other Current Liabilities Non-Current Liabilities Contributed Capital Earned Capital Accumulated OCI