Jameson Company has a calendar fiscal year. Its adjusted trial balance had the following account balances at 12/31/20E before making 20E adjusting journal entries.

Inventory	$50,000
Purchases	$545,000
Freight-in	$5,000
Purchase Returns and Allowances	$25,000
Purchase Discounts	$10,000

Jameson conducted its annual physical inventory account and determined that the cost of Inventory at 12/31/20E was $100,000.

Instructions:

Place answers in the spaces provided. Show ALL computations for (b), (c), and (d) clearly identified and legible below table for answers:

Questions	Answers
(a) What type of inventory tracking system (periodic or perpetual) does Jameson use?
(b) 20E Net Purchases =
(c) 20E Cost of Goods available for sale =
(d) 20E Cost of Goods sold =

Prepare the journal entry needed to adjust inventory and related accounts to correct balances at end of 20E.