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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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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
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