At the beginning of the year, Wildhorse Shipping Ltd., a company that has a perpetual...
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Accounting
At the beginning of the year, Wildhorse Shipping Ltd a company that has a perpetual inventory system, had $ of inventory.
During the year, inventory costing $ was purchased. Of this, $ was returned to the supplier and a discount was
taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $ The cost of goods sold
during the year was $ Prepare the adjusting entry that would be required if the inventory count determined that Wildhorse Shipping had inventory with a cost of $ at the end of the year.
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