Bramble Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $216,170,800 at both cost and realizable value. At December 31, 2020, the inventory was $283,039,400 at cost and $266,629,700 at realizable 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.)

Bramble Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $216,170,800 at both cost and realizable value. At December 31, 2020, the inventory was $283,039,400 at cost and $266,629,700 at realizable 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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At December 31, 2025, suppose that Whispering Company's inventory records indicated a balance of $620000. Upon further investigation it was determined that this amount included the following: ▪ $127000 in inventory purchases made by Whispering shipped from the seller on December 27, 2025 terms FOB destination, but not due to be received until January 2, 2026 $70000 in goods sold by Whispering with terms FOB destination on December 27, 2025. The goods are not expected to reach their destination until January 6, 2026 $7000 of goods received on consignment from Sandra Company ■ What is Whispering's correct ending inventory balance at December 31, 2025? $493000 $486000 O $416000 O $613000 Save for Later Attempts: 0 of 1 used Submit Answer
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