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.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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