When calculating ending inventory under a periodic inventory, you are provided this information: Purchases $88,000; Beginning Inventory $4,000; Sales Revenue $125,000; physical count of Ending Inventory $7,500. Which of the following is true?

Question 23 options:

	The journal entry to record the ending inventory is Debit Inventory $3,500, Credit Cost of Goods Sold $3,500
	Debit Cost of Goods Sold $92,000, Credit Inventory $4,000 and Credit Purchases $88,000
	Both a. and b.
	Neither a. nor b.