View Policies Current Attempt in Progress Assume Sheffield Corp. uses the periodic inventory system and has a beginning inventory balance of $5200, purchases of $69000, and sales of $122000. Sheffield closes its records once a year on December 31. In the accounting records, the inventory account would be expected to have a balance on December 31 prior to adjusting and closing entries that was O equal to $5200. O indeterminate. o less than $5200. O more than $5200. Save for Later Attempts: 0 of 1 used Submit Answer Oriole Company accounting records show the following for the year ending on December 31, 2022. Purchase Discounts Freight-in Purchases Beginning Inventory Ending Inventory Purchase Returns and Allowances $ 13300 15600 715020 55000 60600 10900 Using the periodic system, the cost of goods purchased is O $723620 O $706420 O $728220. O $675220. Save for Later Attempts: 0 of 1 used Submit Answer Current Attempt in Progress At the beginning of the year, Pina Colada had an inventory of $285000. During the year, the company purchased goods costing $1020000. If Pina Colada reported ending inventory of $360000 and sales of $1840000, their cost of goods sold and gross profit rate would be O $1180000 and 49%. $945000 and 51%. O $660000 and 51.36% $945000 and 48.64%. Save for Later Attempts: 0 of 1 used Submit Answer Current Attempt in Progress At the beginning of the year, Bridgeport had an inventory of $740000. During the year, the company purchased goods costing $2220000. If Bridgeport reported ending inventory of $880000 and sales of $3760000, their cost of goods sold and gross profit rate would be $2080000 and 44.68% $2080000 and 55.32% O $2420000 and 44.68%. $1340000 and 55.32%. Save for Later Attempts: 0 of 1 used Submit Answer Current Attempt in Progress When using the periodic inventory system, which of the following is not a step in determining cost of goods purchased? O Add freight-in Subtract purchase returns and allowances O Subtract cost of ending inventory O All of these are necessary steps Save for Later Attempts: 0 of 1 used Submit