As a result of its annual inventory count, Martinez Corp. determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2022, and December 31, 2023. December 31, 2022, was Martinez's first year end. This information is as follows: Lower of Cost Cost and NRV Dec. 31, 2022 Dec. 31, 2023 $ 321,200 $284,050 385,300 351,750 Prepare the journal entries required at December 31, 2022 and 2023, assuming that the inventory is recorded directly at the lower of cost and net realizable value and a periodic inventory system is used. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Date Account Titles and Explanation 12/31/22 12/31/23 (To record ending inventory at LC and NRV) 12/31/23 (To transfer out beginning inventory balance) Debit Credit

As a result of its annual inventory count, Martinez Corp. determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2022, and December 31, 2023. December 31, 2022, was Martinez's first year end. This information is as follows: Lower of Cost Cost and NRV Dec. 31, 2022 Dec. 31, 2023 $ 321,200 $284,050 385,300 351,750 Prepare the journal entries required at December 31, 2022 and 2023, assuming that the inventory is recorded directly at the lower of cost and net realizable value and a periodic inventory system is used. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Date Account Titles and Explanation 12/31/22 12/31/23 (To record ending inventory at LC and NRV) 12/31/23 (To transfer out beginning inventory balance) Debit Credit

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Description: As a result of its annual inventory count, Martinez Corp. determined its ending inventory at cost and at lower of cost and net realizablevalue at December 31, 2022, and December 31, 2023. December 31, 2022, was Martinez's first year end. This inform

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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