FAD Company Uses a Periodic Inventory System and Its Inventory

question 119

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 adjust cost of goods sold for the ending inventory still on hand will include which of the following?

• A) Debit Inventory for $6,250
• B) Credit Cost of Goods Sold for $11,250
• C) Credit Purchases for $10,200
• D) Credit Inventory for $5,000

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