Assume Sunland Company uses the periodic inventory system and has a beginning inventory balance of $6000, purchases of $78000, and sales of $102000. Sunland closes its records once a year on December 31. In the accounting records, the inventory account would be expected to have a balance on December 31 prior to adjusting and closing entries that was

less than $6000.

more than $6000.

equal to $6000.

indeterminate.

Answer rating: 100% (QA)

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