Homework Answers
Unadjusted inventory = $44,700
Ending inventory = $43,300
Cost of goods sold = Unadjusted inventory - Ending inventory
= 44,700 - 43,300
= $1,400
Since ending inventory is $1,400 less than beginning inventory, it means inventory costing $1,400 has been sold.
Thus following entry is needed to adjust inventory :
Journal
|
Account Title and Explanation |
Debit |
Credit |
| Cost of goods sold | 1,400 | |
| Inventory | 1,400 |
Correct option is (A)
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