Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory SystemFrom the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.ADJUSTMENTSADJUSTED TRIAL BALANCEACCOUNT TITLEDEBITCREDITDEBITCREDITMerchandise Inventory60,000.0055,000.0060,000.00Estimated Returns Inventory6,000.005,500.006,000.00Supplies4,700.003,300.00Prepaid Insurance1,600.003,800.00Customer Refunds Payable2,200.007,200.00Income Summary55,000.0060,000.0055,000.0060,000.005,500.006,000.005,500.006,000.00Sales525,140.00Sales Returns and Allowances2,200.0016,700.00Beginning inventoryEnding inventory$4%24

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Description: Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory SystemFrom the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods

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termining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System om the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goc ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT ierchandise Inventory 60,000.00 55,000.00 60,000.00 stimated Returns Inventory 6,000.00 5,500.00 6,000.00 Supplies 4,700.00 3,300.00 Prepaid Insurance 1,600.00 3,800.00 Customer Refunds Payable 2,200.00 7,200.00 Encome Summary 55,000.00 60,000.00 55,000.00 60,000.00 5,500.00 6,000.00 5,500.00 6,000.00 Sales 525,140.00 Sales Returns and Allowances 2,200.00 16,700.00 Beginning inventory Ending inventory

termining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System om the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goc ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT ierchandise Inventory 60,000.00 55,000.00 60,000.00 stimated Returns Inventory 6,000.00 5,500.00 6,000.00 Supplies 4,700.00 3,300.00 Prepaid Insurance 1,600.00 3,800.00 Customer Refunds Payable 2,200.00 7,200.00 Encome Summary 55,000.00 60,000.00 55,000.00 60,000.00 5,500.00 6,000.00 5,500.00 6,000.00 Sales 525,140.00 Sales Returns and Allowances 2,200.00 16,700.00 Beginning inventory Ending inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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