A physical inventory was taken of account 505, Inventory, sports equipment. The agreed upon value using LIFO was $31,000. Remember, this inventory is recorded under the periodic method. At this point, you should make entries to arrive at the cost of goods sold. Freight is to be added to purchases to get cost delivered to Ozark. Purchase discounts should be subtracted. Always build the cost of goods available to sell. Then deduct ending inventory to arrive at cost of goods sold

What is the adjusting entry?

Answer rating: 100% (QA)

Based on the information given we can calculate the cost of goods sold using the LIFO meth... View the full answer