Reference no: EM133128259
Question - Here are several T-account balances that the Absalom Company has in its ledger at the end of the current year before a physical inventory count is to be taken.
Advertising Expense $22,000
Rent Expense 46,000
Purchase of Inventory 332,000
Sales 696,000
Inventory, January 1 77,000
Transportation-in 8,000
Purchase Discounts 14,000
Required -
What was the amount of goods available for sale for this company?
If the company counts its ending inventory and finds merchandise costing $84,000, what should be reported as cost of goods sold for the year?
What adjusting entry should Absalom make at the end of the current year to record cost of goods sold and ending inventory?