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(TCO 3) Explain why Adjusting Entries are required at the end of each accounting period (15 points) and provide an example of a required journal entry for either the consumption of supplies or insurance (10 points).
(TCO 2) Sandy Company is a retailer who applies the periodic method to account for its inventory. It had the following inventory transactions: Quantity Unit Cost Beginning inventory 100 $10.00 Purchase on March 4th 120 12.00 Purchase on March 10th 150 14.00 Purchase on March 20th 170 15.00 During March, 360 units were sold for $25 per unit. Calculate the cost of ending inventory, cost of goods sold, and gross profit using the LIFO method. Show all computations