Illustration: ABC Co. has the following comparative information regarding its inventories 2020 2019 Inventory, Dec. 31 at cost 300,000 240,000 Inventory, Dec. at NRV 330,000 220,000 Cost of goods sold before adjustments 1,800,000 2,000,000 Prepare journal entries in 2019 and 2020 Compute for the adjustment endring inventories and cost of goods sold Required: 1. 2.
Illustration: ABC Co. has the following comparative information regarding its inventories 2020 2019 Inventory, Dec. 31 at cost 300,000 240,000 Inventory, Dec. at NRV 330,000 220,000 Cost of goods sold before adjustments 1,800,000 2,000,000 Prepare journal entries in 2019 and 2020 Compute for the adjustment endring inventories and cost of goods sold Required: 1. 2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Illustration:
ABC Co. has the following comparative information regarding its inventories
2020
2019
Inventory, Dec. 31 at cost
300,000
240,000
Inventory, Dec. at NRV
330,000 220,000
Cost of goods sold before adjustments
1,800,000 2,000,000
Prepare journal entries in 2019 and 2020
Compute for the adjustment endring inventories and cost
of goods sold
Required:
1.
2.
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