![angelafisher886](/avatars/14447.jpg)
angelafisher886
14.07.2019 •
Business
Barrington company began the year with inventory of $100,000. during the year, the company purchased inventory in the amount of $750,000. sales revenue for the year totaled $800,000. a physical count determined the cost of inventory at the end of the year to be $90,000. the adjusting entry needed at the end of the year under a periodic inventory system includes a:
Solved
Show answers
More tips
- S Sport How to wrap boxing hand wraps? Everything you need to know!...
- F Family and Home How to Sew Curtain Tapes: Best Tips from Professionals...
- A Animals and plants How to Grow Lime from a Seed: Simple Tips and Interesting Facts...
- C Computers and Internet How to Create a Folder on Your iPhone?...
- G Goods and services How to sew a ribbon: Tips for beginners...
- F Food and Cooking How to Make Mayonnaise at Home? Secrets of Homemade Mayonnaise...
- C Computers and Internet Which Phone is Best for Internet Surfing?...
- F Food and Cooking Everything You Need to Know About Pasta...
- C Computers and Internet How to Choose a Monitor?...
- H Horoscopes, Magic, Divination Where Did Tarot Cards Come From?...
Answers on questions: Business
- B Business The Freed Corporation produces three products, X, Y, Z, from a single raw material input. Product Y can be sold at the split-off point for total annual revenues of $50,000,...
- M Mathematics If LN=8 and MN =17, what is KN?...
- H History This line graph shows the united states population from 1800 to 2000. what was the population in the year 2000?...
- M Mathematics Please help due in 5 minutes!...
Ответ:
The above answer can be explained as under.
The total inventory of Barrington = Beginning Inventory + Purchases
Beginning Inventory = $ 100,000, Purchases = $ 750,000
Ending inventory = $ 90,000
Inventory consumed = total inventory of Barrington - Ending inventory = $ 750,000 - $ 90,000
Inventory consumed = $ 660,000
The journal entry to record inventory consumed -
Cost of goods sold Dr $ 660,000
Merchandise InventoryCr $ 660,000
Ответ:
i think