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FAD Company Uses a Periodic Inventory System and Its Inventory

Question 153

Multiple Choice

FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: The journal entry necessary at the end of the period to transfer beginning inventory and net purchases to cost of goods sold will include which of the following? A) Credit Inventory for $6,250. B) Debit Purchases for $11,250. C) Debit Inventory for $6,250. D) Debit Cost of Goods Sold for $11,250. The journal entry necessary at the end of the period to transfer beginning inventory and net purchases to cost of goods sold will include which of the following?


A) Credit Inventory for $6,250.
B) Debit Purchases for $11,250.
C) Debit Inventory for $6,250.
D) Debit Cost of Goods Sold for $11,250.

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