Blossom Comapny began operations in 2024 and determined its ending at cost and at lower-of-LIFO cost-or-market at December 31, 2024 and December 31, 2025. This information is presented below Cost Lower-of-cost-or-market 12/31/2024 $338,590 $318,55021/31/2025 396,510 380,220 (b) Prepare journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded atmarket under a perpetual system (loss method is used). (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for theamounts. Record journal entries in the order presented in the problem.)Date12/31/2412/31/25Account Titles and ExplanationCost of Goods SoldAllowance to Reduce Inventory to MarketDebit000Credit (a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded atmarket, and a perpetual inventory system (cost-of-goods-sold method) is used. (List all debit entries before credit entries. Credit accounttitles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titlesand enter o for the amounts. Record journal entries in the order presented in the problem.)Date12/31/2412/31/25Account Titles and ExplanationCost of Goods SoldAllowance to Reduce Inventory to NRVDebit20,04016,290Credit20,04016,290

Introduction:The cost of goods sold is the cost of producing the commodities sold by a firm. In…

Blossom Comapny began operations in 2024 and determined its ending at cost and at lower-of-LIFO cost-or-market at December 31, 2024 and December 31, 2025. This information is presented below Cost Lower-of-cost-or-market 12/31/2024 $338,590 $318,550 21/31/2025 396,510 380,220

Blossom Comapny began operations in 2024 and determined its ending at cost and at lower-of-LIFO cost-or-market at December 31, 2024 and December 31, 2025. This information is presented below Cost Lower-of-cost-or-market 12/31/2024 $338,590 $318,550 21/31/2025 396,510 380,220

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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