Journalizing adjusting entries including estimating sales returns Emerson St. Book Shop’s unadjusted Merchandise Inventory at June 30, 2018 was 55,200. The cost associated with the physical count of inventory on hand on June 30, 2018, was $4,900. In addition, Emerson St. Book Shop estimated approximately 31,000 of merchandise sold will be returned with a cost of $400. Requirements Journalize the adjustment for inventory shrinkage. Journalize the adjustment for estimated sales returns.

What would the journal entry be for the following question Inventory is valued using weighted average and a periodic inventory system is maintained.   Estelle has already applied weighted average to food inventory after doing a physical count on December 31, 2020 before closing for New Year’s Eve. Estelle records inventory at net realizable value on an item-by-item basis for financial reporting.   Food inventory   Cost Net realizable value Raw ingredients – wet $45,000 $43,000 Raw ingredients – dry $72,000 $68,000 Finished goods – refrigerated and non-refrigerated desserts ready for sale $3,200 $3,200 Total 120,200 114,200

Please proper solution and introduction and without plagiarism

UMET's Stores had the following inventory transactions in 2020:                       Transaction             Units          Cost per unit 1/1                 Balance                    50                      $6 2/14               Sale                          25                        5/23              Purchase                  100                     8 8/21              Sale                           50                      11/5              Purchase                   25                     12 11/18            Sale                           95                        Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average