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5 Question 2/2 Anderson Company uses LIFO to manage inventory and COGS. Fill in all blank sections of the table below and make journal entries necessary to write down the inventory items (if necessary) 6 7 8 Apples Bananas Selling Price Estimated Selling Costs $100 $ $200 $ 9 10 Journal entry to write down Apples: 11 12 13 14 Journal Entry to write down Bananas: 15 15 25 D NRV F Normal Profit Margin (10% of selling price NRV - PM G Replacement Initial Cost $ $ 70 $ 165 $ 90 180

5 Question 2/2 Anderson Company uses LIFO to manage inventory and COGS. Fill in all blank sections of the table below and make journal entries necessary to write down the inventory items (if necessary) 6 7 8 Apples Bananas Selling Price Estimated Selling Costs $100 $ $200 $ 9 10 Journal entry to write down Apples: 11 12 13 14 Journal Entry to write down Bananas: 15 15 25 D NRV F Normal Profit Margin (10% of selling price NRV - PM G Replacement Initial Cost $ $ 70 $ 165 $ 90 180

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5 6 Question 2/2 Anderson Company uses LIFO to manage inventory and COGS. Fill in all blank sections of the table below and make journal entries necessary to write down the inventory items (if necessary) 7 8 Apples Bananas B 16 Selling Price Estimated Selling Costs $100 $ $200 $ 9 10 Journal entry to write down Apples: 11 12 13 14 Journal Entry to write down Bananas: 15 15 25 E NRV F Normal Profit Margin (10% of selling price NRV - PM Replacement Initial Cost $ $ 70 $ 165 $ 90 180
Transcribed Image Text:5 6 Question 2/2 Anderson Company uses LIFO to manage inventory and COGS. Fill in all blank sections of the table below and make journal entries necessary to write down the inventory items (if necessary) 7 8 Apples Bananas B 16 Selling Price Estimated Selling Costs $100 $ $200 $ 9 10 Journal entry to write down Apples: 11 12 13 14 Journal Entry to write down Bananas: 15 15 25 E NRV F Normal Profit Margin (10% of selling price NRV - PM Replacement Initial Cost $ $ 70 $ 165 $ 90 180
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