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Alik [6]
3 years ago
14

Dole Company uses the periodic inventory system. At the end of the accounting​ period, ending inventory is​ $10,000 and beginnin

g inventory is​ $5,000. Purchases for the period are​ $99,000. How many journal entries are necessary at the end of the accounting​ period?
Business
1 answer:
Troyanec [42]3 years ago
4 0

Answer:

The one entry is recorded

Explanation:

The journal entry is shown below:

Inventory A/c Dr (Ending inventory) $10,000

Cost of goods sold A/c Dr (Balancing figure) $94,000

      To Inventory A/c Dr (Beginning inventory)        $5,000

      To Purchase account                                          $99,000

In mathematically,

Cost of goods sold = Beginning inventory + purchase - ending inventory

                                = $5,000 + $99,000 - $10,000

                                = $94,000

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Specific Identification is the accounting record of the transactions of the proposal, that is, an inventory method that tracks which item is actually sold and debits.

<h3>What is specific identification?</h3>

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This method gives managers or members of an entity a greater possibility of manipulating profits by identifying units in ending inventory as coming from specific purchases.

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