Year-end entries to update inventory accounts
Omaha Corporation uses FIFO and a periodic inventory system. You have been provided with the following information relating to the company's inventory for the year ended December 2020:
$\begin{array}{llcc}
\text { Beginning inventory Jan 1 } & \$24,500\
\text { Ending inventory Dec 31 } &109,800\
\text { Total purchases recorded during 2020} &130,000\
\end{array}$
Instructions
Record the journal entry (entries) that are required to bring Omaha's inventory accounts and cost of goods sold up to date for 2020.

Question

Year-end entries to update inventory accounts
Omaha Corporation uses FIFO and a periodic inventory system. You have been provided with the following information relating to the company's inventory for the year ended December 2020:
 $\begin{array}{llcc}
  \text { Beginning inventory Jan 1 } &  \$24,500\
 \text { Ending inventory Dec 31 } &109,800\
 \text {  Total purchases recorded during 2020} &130,000\
\end{array}$
 Instructions
Record the journal entry (entries) that are required to bring Omaha's inventory accounts and cost of goods sold up to date for 2020.

Quizplus · Accepted Answer

The Answer of Year-end entries to update inventory accounts
Omaha Corporation uses FIFO and a periodic inventory system. You have been provided with the following information relating to the company's inventory for the year ended December 2020:
 $\begin{array}{llcc}
  \text { Beginning inventory Jan 1 } &  \$24,500\
 \text { Ending inventory Dec 31 } &109,800\
 \text {  Total purchases recorded during 2020} &130,000\
\end{array}$
 Instructions
Record the journal entry (entries) that are required to bring Omaha's inventory accounts and cost of goods sold up to date for 2020.

Year-End Entries to Update Inventory Accounts Omaha Corporation Uses FIFO

Year-End Entries to Update Inventory Accounts
Omaha Corporation Uses FIFO