Blossom Inc. uses LIFO inventory costing. At January 1,2020, inventory was $216,195 at both cost and market value. At December 31, 2020, the inventory was $288,276 at cost and $261,320 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) LOSs method. (Credit account titles are automatically indented when 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.)

Blossom Inc. uses LIFO inventory costing. At January 1,2020, inventory was $216,195 at both cost and market value. At December 31, 2020, the inventory was $288,276 at cost and $261,320 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) LOSs method. (Credit account titles are automatically indented when 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.)

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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