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lew History Bookmarks People Window Help ??100% Tue Jul 24 12:16 PM WileyPLUS When the physical count of Sx ? https://edugen.wileyplus.com/edugen/ltij/main.uni CANVAS UCLA Canvas Login e The Income Staten. Weygandt, Accounting Principles, 13e Multiple Choice Question 112 When the physical count of Swifty Company inventory had a cost of $4390 at year end and the unadjusted balance in Inventory was $4630, Swifty will have to make the following entry Inventory 240 Cost of Goods Sold 240 Cost of Goods Sold 4630 4630 O Cost of Goods Sold 240 240 240 Income Summary Inventory 240 Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SAVE FOR LATERExplanation / Answer
Answer to Question - 112
The Answer is Third Option
Cost of Goods Sold $240
Inventory $240
The Swifty Company should make the following Adjusting Journal Entry to Adjust the shortage in the Inventory
Accounts Tittles and Explanations
Debit ($)
Credit ($)
Cost of goods sold A/c
240
To Inventory A/c
240
Answer to Question - 135
Gross Profit = Net Sales – Cost of goods sold
Net Sales = Total Sales – Sales Returns and Allowances – Sales Discounts
= $290,000 – 25,000 – 11,000
= $254,000
Therefore, Gross Profit = Net Sales – Cost of goods sold
= $254,000 – 157,000
= $97,000
“Hence, The Answer is $97,000”
Accounts Tittles and Explanations
Debit ($)
Credit ($)
Cost of goods sold A/c
240
To Inventory A/c
240
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