Question: Exercise 1 2 . 1 ( Static ) Determining the adjustments for inventory. LO 1 2 - 1 The beginning inventory of Eastern Wholesalers was

Exercise 12.1(Static) Determining the adjustments for inventory. LO 12-1
The beginning inventory of Eastern Wholesalers was $131,000, and the ending inventory is $126,500.
What entries are needed at the end of the fiscal period to adjust Merchandise Inventory?

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