Bramble Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $215,197 at both cost and market value. At December 31, 2025, the inventory was $289,188 at cost and $263,540 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. 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 0 for the amounts.) No. Account Titles and Explanation (a) (b) Debit Credit UNA
Bramble Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $215,197 at both cost and market value. At December 31, 2025, the inventory was $289,188 at cost and $263,540 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. 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 0 for the amounts.) No. Account Titles and Explanation (a) (b) Debit Credit UNA
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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![Bramble Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $215,197 at both cost and market value. At December
31, 2025, the inventory was $289,188 at cost and $263,540 at market value.
Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries
before credit entries. 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 0 for the amounts.)
No. Account Titles and Explanation
(a)
(b)
Debit
Credit
100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7a908601-2a4e-4a2b-a0c7-1a8ad192d825%2F65a99639-1ffc-4c6c-a04c-de80549c11ac%2Fjtdje2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Bramble Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $215,197 at both cost and market value. At December
31, 2025, the inventory was $289,188 at cost and $263,540 at market value.
Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries
before credit entries. 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 0 for the amounts.)
No. Account Titles and Explanation
(a)
(b)
Debit
Credit
100
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