Adjust for Inventory. The physical inventory count indicated 13,000 t-shirts were on hand. To complete this entry, you will need to: Record the dollar value of the ending inventory (13,000 shirts x Cost of each shirt); Reverse the 2020 ending inventory (Remember: Graphix uses a periodic FIFO inventory method); Reverse the Purchases account (as this is a temporary account) and the purchase returns account (also a temporary account); Calculate COGS using the above values.?

Answer rating: 100% (QA)

To complete the necessary adjustments for inventory follow these steps 1 Record the dollar value of ... View the full answer