Coronado Company began operations in 2024 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2024, and December 31, 2025. This information is presented below. Lower-of-Cost-or-Market Cost 12/31/24 $374,700 12/31/25 405,580 (a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Cost of Goods Sold 12/31/24 $354,600 389,640 Invento Debit 20100 Credit

Coronado Company began operations in 2024 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2024, and December 31, 2025. This information is presented below. Lower-of-Cost-or-Market Cost 12/31/24 $374,700 12/31/25 405,580 (a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Cost of Goods Sold 12/31/24 $354,600 389,640 Invento Debit 20100 Credit

Name: (b) Prepare journal entries required at December 31, 2024, and Decemb
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Description: (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 a

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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answer in text form please (without image), Note: .Every entry should have narration please
On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2024 and 2025 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.08 for 2025. Required: Complete the below table to calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO method.
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