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Wolfpack Corp. uses the perpetual inventory system. Shown below are its Inventory and Cost of Goods Sold account balances at the end of 2018 just
Wolfpack Corp. uses the perpetual inventory system. Shown below are its Inventory and Cost of Goods Sold account balances at the end of 2018 just before its year-end physical inventory count:
Inventory |
| Cost of Goods Sold | ||
12/31/18 77,000 |
|
| 12/31/18 800,000 |
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Wolfpacks physical inventory count at the end of 2018 shows the cost of inventory still on hand to be $85,000.
On 12/31/18, what will be the year-end entry Wolfpack makes to adjust its ending inventory balance to agree to the physical count?
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