Assume a company uses the periodic inventory system and has a beginning merchandise inventory balance of $10,000, purchases of $150,000, and sales of $250,000. The company closes its records once a year on December 31. In the accounting records, the merchandise inventory account would be expected to have a balance on December 31 prior to adjusting and closing entries that was
A) indeterminate.
B) less than $5,000.
C) more than $5,000.
D) equal to $5,000.
A
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a. True b. False Indicate whether the statement is true or false
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