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Record the december year-end adjusting entry

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Problem 1) Gurney Chandeliers sold 260 chandeliers for $870 each during the year. The company purchased 244 chandeliers during the year and had a January 1 inventory of 51 chandeliers, which all cost $530 each. Assume the company uses a periodic inventory system and counts 29 chandeliers on hand at year-end. Record the December 31 year-end adjusting entry for the inventory count

Reference no: EM132687781

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