Question: DeeDee uses the FIFO Inventory Method in valuing inventory. The inventory balance of $187,500 was based on a physical count at 12/31/2017. Based on your

DeeDee uses the FIFO Inventory Method in valuing inventory. The inventory balance of $187,500 was based on a physical count at 12/31/2017. Based on your analysis, you have noted that $12,500 of marketing games that belonged to Marketing Majors Inc. was included in the account. You also note that goods were in transit from a vendor on December 31, 2017. The cost of the inventory was $16,200 and the goods were shipped f.o.b. shipping point on December 29, 2017.

I need help recording the adjusting entry for this problem.

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