FunLand Inc. is a retailer of toys and games. FunLand's

FunLand Inc. is a retailer of toys and games. FunLand's beginning inventory is $160,000 and its purchases during the year are $500,000. Its ending inventory is $60,000. 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 =...