Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 17

Best Hardware uses a periodic inventory system.ts inventory was $38,000 at the beginning of the year and $40,000 at the end.uring the year, Best made purchases of merchandise totaling $107,000.dentify all of the correct answers:
a.o use this system, Best must take a complete physical inventory twice each year.
b.rior to making adjusting and closing entries at yearend, the balance in Best's Inventory account is $38,000.
c.he cost of goods sold for the year is $109,000.
d.s sales transactions occur, Best makes no entries to update its inventory records or to record the cost of goods sold.