A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year.There was no beginning inventory.
The company has a calendar year-end and uses the FIFO inventory valuation method.Prepare the general journal entry to record the November 16 sale and the year-end adjusting entry relating to inventory.

Question

A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year.There was no beginning inventory.
  The company has a calendar year-end and uses the FIFO inventory valuation method.Prepare the general journal entry to record the November 16 sale and the year-end adjusting entry relating to inventory.

Quizplus · Accepted Answer

The Answer of A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year.There was no beginning inventory.
  The company has a calendar year-end and uses the FIFO inventory valuation method.Prepare the general journal entry to record the November 16 sale and the year-end adjusting entry relating to inventory.

A Merchandiser That Uses a Periodic Inventory System Made the Following