WileyPLUSil eil Graded WP HW 87 (Ch Tamarisk Company determined its ending inven

Question

WileyPLUSil eil Graded WP HW 87 (Ch Tamarisk Company determined its ending inventory at cost and at LCNRV at December 31, 2017, December 31, 2018, and December 31, 2019, as shown below. 12/31/17 12/31/18 12/31/19 $671,800 S25,200 976,300 $671,800 763,400 907,000 Prepare the journal entries required at December 31, 2018, and at December 31, 2019, assuming that a perpetual inventory system and the cost-of-goods-soid method of adjusting to LCNRV is used. (Credit account titles are automaticall y 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) Date Account Titles and Explanation Review Results by reduced to LCNRV using the loss method. (Credit account r 31, 2018, and at December 31, 2019, assuming that a perpetual inventory is recorded at cost and at December 3 Prepare tha journal entries required et Decamber is required, select "No entry" for the account trtles and enter O for the amounts.) ndented when amount is entered. Do not indent manualy. If no entry Debit Date Account Titles and Explanation 12/31/18 12/31/19 SAVE FOR LATER Question Attempts: 0 of 6 used genwileyplus.comvedugen/sharedassignemsent/hest/aglist uniid-asnint2 169004410081

Explanation / Answer

PART-1) Debit Credit Cost of Goods Sold 61,800 Allowance to reduce inventory to NRV 61,800 (825,200 - 763,400) Allowance to reduce inventory to NRV 7,500 Cost of Goods Sold 7,500 (976,300 - 907,000 - 61,800) PART-2) Debit Credit Loss due to decline of Inventory to NRV 61,800 Allowance to reduce inventory to NRV 61,800 (825,200 - 763,400) Allowance to reduce inventory to NRV 7,500 Recovery or Inventory Loss 7,500 (976,300 - 907,000 - 61,800)

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.