The following inventory information pertains to Prodigal Company on December 31, 2015.AppliancesCar AccessoriesProduct AProduct BProduct CProduct DUnits on hand1,0006001,2001,600Unit Cost2,5003,7001,4002,100Net realizable value2,7003,6002,0002,00028.) Assume that on December 31, 2016, the inventory at cost amounted to P5,000,000 and the net realizable value isP4,990,000, prepare the necessary entries to recognize the amount of inventory under the allowance method.29.) How is loss on inventory write down being presented in the income statement?30.) How is gain on reversal of inventory write down being presented in the income statements?

Name: The following inventory information pertains to Prodigal Company on D
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Description: The following inventory information pertains to Prodigal Company on December 31, 2015.AppliancesCar AccessoriesProduct AProduct BProduct CProduct DUnits on hand1,0006001,2001,600Unit Cost2,5003,7001,4002,100Net realizable value2,7003,6002,0002,00028

Accounting principle of prudence allows an entity to record all anticipated losses and expenses so…

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Appliance Product A and 1,000 2,500 able value 2,700 Assume that on December 31, 2016, the P4,990,000, prepare the necessary entr How is loss on inventory write down be How is gain on reversal of inventory wr

Appliance Product A and 1,000 2,500 able value 2,700 Assume that on December 31, 2016, the P4,990,000, prepare the necessary entr How is loss on inventory write down be How is gain on reversal of inventory wr

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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