The beginning inventory of Norcal Wholesalers was $113,000, and the ending inventory is $95,319.What entries are needed at the end of the fiscal period to adjust Merchandise Inventory?   Record the adjustment for ending inventory.             Date General Journal Debit Credit Dec 31, 2019

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Madison Company's perpetual inventory records indicate that $531,630 of merchandise should be on hand on October 31. The physical inventory indicates that $508,250 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. If an amount box does not requíre an entry, leave it blank. Oct. 31

Haresh

The perpetual inventory records of Penny Co. indicate that $415,000 of merchandise should be on hand on December 31. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31.

A company's inventory on December 31, 2024, was $247,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Inventory costing $ 12,000, shipped f.o. b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $14, 000, shipped f.o. b. destination from a vendor on December 28, 2024, was received on January 3, 2025. Inventory costing $70,000 was shipped to a customer f.o. b. destination on December 28, arrived at the customer's location on January 6, 2025. Inventory costing $54,000 was being held on consignment by another company. What amount should the company report as inventory in its December 31, 2024, balance sheet? Please explain your answer in detail of why you included or excluded?