Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System From the following...

 

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Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold. ADJUSTMENTS ACCOUNT TITLE ADJUSTED TRIAL BALANCE DEBIT CREDIT Merchandise Inventory 60,000.00 Estimated Returns Inventory 6,000.00 Supplies 3,300.00 Prepaid Insurance 3,800.00 Customer Refunds Payable Income Summary 55,000.00 5,500.00 Sales Sales Returns and Allowances 16,700.00 Beginning inventory Ending inventory 00 DEBIT 60,000.00 6,000.00 55,000.00 5,500.00 2,200.00 CREDIT 55,000.00 5,500.00 4,700.00 1,600.00 2,200.00 60,000.00 6,000.00 7,200.00 60,000.00 6,000.00 525,140.00 Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold. ADJUSTMENTS ACCOUNT TITLE ADJUSTED TRIAL BALANCE DEBIT CREDIT Merchandise Inventory 60,000.00 Estimated Returns Inventory 6,000.00 Supplies 3,300.00 Prepaid Insurance 3,800.00 Customer Refunds Payable Income Summary 55,000.00 5,500.00 Sales Sales Returns and Allowances 16,700.00 Beginning inventory Ending inventory 00 DEBIT 60,000.00 6,000.00 55,000.00 5,500.00 2,200.00 CREDIT 55,000.00 5,500.00 4,700.00 1,600.00 2,200.00 60,000.00 6,000.00 7,200.00 60,000.00 6,000.00 525,140.00

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Answer 1 Merchandise Inventory 55000 A... View the full answer