FunLand Inc. is a retailer of toys and games. FunLands beginning inventory is $192,000 and its purchases

Question:

FunLand Inc. is a retailer of toys and games. FunLand’s beginning inventory is $192,000 and its purchases during the year are $600,000. Its ending inventory is $72,000. Make the closing entries necessary given that FunLand uses a periodic inventory system.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...