Journal entries that transfer the end-of-period balances in revenue accounts to a permanent equity account are known as: Multiple Choice Adjusting entries. Closing entries. Final entries. Work sheet entries. Updating entries. Which of the following is not included in the cost of merchandise inventory? Multiple Choice Purchase discounts. Purchase returns and allowances. Freight costs paid by the buyer. Freight costs paid by the seller. Purchase price of inventory. A company has the following purchases and sales during March. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold? Units Sold at Retail Date March 1 March 2 March 6 March 8 Activities Beginning inventory Purchase Purchase Sales Units Acquired at Cost 10 units @ $39 = $390 10 units @ $41 = $410 6 units @ $44 = $264 22 units @ $73 Multiple Choice $888 O $927 $849 O O $1,064 o $976