Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the adjustment journal entry that needs to be made? The company uses the firstin, firstout method on a periodic basis. Physical counts are

What is the adjustment journal entry that needs to be made?

The company uses the firstin, firstout method on a periodic basis. Physical counts are conducted at the end of the year to determine the quantity and value of merchandise inventory on hand and cost of goods sold. As the result of a physical count, year-end merchandise inventory was determined to be $546,300.

Unadjusted trial balance Dec 31, 2014.

Purchases: DR.$853,000.00

Merchandise Inventory: DR. $449,300.00

COGS: $0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Carl Warren, James M. Reeve, Philip E. Fess

8th Edition

0324025394, 978-0324025392

More Books

Students also viewed these Accounting questions