Deer Companys perpetual inventory records show an inventory balance of $120,000. Deer Companys records also show cost

Question:

Deer Company’s perpetual inventory records show an inventory balance of $120,000. Deer Company’s records also show cost of goods sold totaling $240,000. A physical count of inventory on December 31, 2012, showed $92,000 of . Adjust the inventory records assuming that the perpetual inventory method is used.

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 =...