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ABC uses a periodic inventory system, and the ending inventory for each year is determined...

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Accounting

ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking a complete
physical inventory at year-end. A physical count was taken on December 31, 2014, and the inventory on-hand at
that time totaled $75,000, which reflects historical cost.

Record the 2014 Cost of Goods Sold and the 12/31/14 Inventory adjustment.

Purchases $350,000

Sales Revenue $802,845

What will the adjusting entries be?

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