The following information is available for Cullumber Company for 2025 who uses a periodic inventory system:
Account Debit Credit
Inventory (beginning) $102,200
Purchases 1,001,000
Freight-in 10,220
Purchase Discounts 6,400
Purchase Returns and Allowances 12,320
Sales Revenue 2,142,000
Sales Returns 20,600
(b)
Prepare the journal entry for the end-of-period inventory. (All previous entries were properly prepared.) (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)