The beginning inventory of a merchandising business was $131,000, and the ending inventory is $111,519. What entries

Question:

The beginning inventory of a merchandising business was $131,000, and the ending inventory is $111,519. What entries are needed at the end of the fiscal period to adjust Merchandise Inventory?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...