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Seifert Company uses the periodic inventory system. At the end of the accounting period, on December 31, ending inventory is $18,000 and beginning inventory is $7,000. Purchases for the period are $102,000 Whic Company prepare on December 31? O A. debit Inventory for $7,000 and credit Cost of Goods Sold for $7,000 O B. debit Cost of Goods Sold for $18,000 and credit Inventory for $18,000 OC. debit Cost of Goods Sold for $102,000 and credit Purchases for $102.000 O D. all of the above

Seifert Company uses the periodic inventory system. At the end of the accounting period, on December 31, ending inventory is $18,000 and beginning inventory is $7,000. Purchases for the period are $102,000 Whic Company prepare on December 31? O A. debit Inventory for $7,000 and credit Cost of Goods Sold for $7,000 O B. debit Cost of Goods Sold for $18,000 and credit Inventory for $18,000 OC. debit Cost of Goods Sold for $102,000 and credit Purchases for $102.000 O D. all of the above

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Seifert Company uses the periodic inventory system. At the end of the accounting period, on December 31, ending inventory is $18,000 and beginning inventory is $7,000. Purchases for the period are $102,000 Whica Company prepare on December 31? O A. debit Inventory for $7,000 and credit Cost of Goods Sold for $7,000 O B. debit Cost of Goods Sold for $18,000 and credit Inventory for $18,000 OC. debit Cost of Goods Sold for $102,000 and credit Purchases for $102,000 O D. all of the above Click to select your answer. P Type here to search delete prt sc 立
Transcribed Image Text:Seifert Company uses the periodic inventory system. At the end of the accounting period, on December 31, ending inventory is $18,000 and beginning inventory is $7,000. Purchases for the period are $102,000 Whica Company prepare on December 31? O A. debit Inventory for $7,000 and credit Cost of Goods Sold for $7,000 O B. debit Cost of Goods Sold for $18,000 and credit Inventory for $18,000 OC. debit Cost of Goods Sold for $102,000 and credit Purchases for $102,000 O D. all of the above Click to select your answer. P Type here to search delete prt sc 立
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