With explanation

Beginning inventory was $100. Purchases during the year were $3,000. Based on a physical count at year-end, inventory should equal $300. In a periodic system, the year-end adjusting entry to transfer beginning and ending inventory balances to cost of goods sold includes credits to (Check all that apply.) Read about this Your answer is partially correct Inventory of $300 Cost of Goods Sold of $3,000 Purchases of $3,000 Also cormect Inventory of $100 OK Challenge