Coronado Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $212,686 at both cost and market value. At December 31, 2020, the inventory was $281.922 at cost and $259,890 at market value. Use an allowance account. 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.) No. Account Titles and Explanation (a) (b) Debit Credit Un SUPP
Coronado Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $212,686 at both cost and market value. At December 31, 2020, the inventory was $281.922 at cost and $259,890 at market value. Use an allowance account. 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.) No. Account Titles and Explanation (a) (b) Debit Credit Un SUPP
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
Transcribed Image Text:Coronado Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $212,686 at both cost and market value. At December
31, 2020, the inventory was $281.922 at cost and $259,890 at market value. Use an allowance account.
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.)
No. Account Titles and Explanation
(a)
(b)
Debit
Credit
SUPP
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