Oriole Company uses the perpetual inventory system. It began operations in October. October through December,...
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Oriole Company uses the perpetual inventory system. It began operations in October. October through December, the accounting information system shows that purchases of $70700 were made. Oriole returned goods with a cost of $3900. Inventory with a cost of $53800 was sold during the three months. These were the only inventory transactions during the period. A physical count of inventory at the end of December reported total inventory of $10400 remains on hand. An adjustment to bring the perpetual inventory count in line with the physical count would include a debit to Inventory Over and Short (or Cost of Goods Sold) for $1300. $2600. $5400. $5200
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