FAD Company Uses a Periodic Inventory System and Its Inventory

question 69

Multiple Choice

FAD Company uses a periodic inventory system and its inventory records for the period contain the following information:

-Use the information above to answer the following question.The journal entry necessary at the end of the period to transfer beginning inventory and net purchases to cost of goods sold will include which of the following?

• A) Credit Inventory for $6,250
• B) Debit Purchases for $11,250
• C) Debit Inventory for $6,250
• D) Debit Cost of Goods Sold for $11,250

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