Brief Exercise 9-3 Your answer is partially correct. Try again Sheffield Inc. us

Question

Brief Exercise 9-3 Your answer is partially correct. Try again Sheffield Inc. uses a perpetual inventory system. At January 1 realizable value. At December 31, 2017, the inventory was $286,249,300 at cost and $262,969,900 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) Cost of Goods Sold 23279400 Allowance to Reduce Inventory to Market 23279400 (b) Loss Due to Market Decline of Inventory 23279400 Allowance to Reduce Inventory to Market 23279400 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 1 of 10 used SAVE FOR LA SUBMIT ANSWER

Explanation / Answer

Answer:

Event

Transactions

Debit

Credit

(A)

Cost of goods sold

23279400

Inventory

23279400

(b)

Loss due to decline of Inventory to NRV

23279400

Inventory

23279400

Event

Transactions

Debit

Credit

(A)

Cost of goods sold

23279400

Inventory

23279400

(b)

Loss due to decline of Inventory to NRV

23279400

Inventory

23279400

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