Use the Information Above to Answer the Following Question

question 63

Multiple Choice

Use the information above to answer the following question.The journal entry necessary at the end of the period to adjust cost of goods sold for the ending inventory still on hand will include which of the following?

• A)Debit Inventory,$6,250.
• B)Credit Cost of goods sold,$11,250.
• C)Credit Purchases,$10,200.
• D)Credit Inventory,$5,000.

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Definitions:

Chemical Changes

Reactions that result in the transformation of substances into one or more different substances, involving the making and breaking of chemical bonds.

Top-down Processing

A cognitive process that uses context and pre-existing knowledge to understand information.

Constriction

The act or process of drawing together or becoming narrower; it can apply to physical objects, bodily processes, or even psychological states.

Accommodation

In psychology, the process of adjusting existing cognitive structures in response to new experiences; in vision, the process by which the eye's lens changes shape to focus near or far objects on the retina.