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...

What would the journal entry be for the following question

1. 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.