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Seifert Company uses the periodic inventory system. At the end of the accounting period, on December 31, ending inventory is $10,000 and beginning inventory is $8,000. Purchases for the period are $106,000. Which of the following journal entries did Seifert Company prepare on December 31?

A. Debit inventory for $8,000 and credit cost of goods sold for $8,000
B. Debit cost of goods sold for $106,000 and credit purchases for $106,000
C. Debit cost of goods sold for $10,000 and credit inventory for $10,000
D. All of the above

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