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.

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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