5 Question 2/2 Anderson Company uses LIFO to manage inventory and COGS. Fill in all blank sections of the table below and make journal entries necessary to write down the inventory items (if necessary) 6 7 8 Apples Bananas Selling Price Estimated Selling Costs $100 $ $200 $ 9 10 Journal entry to write down Apples: 11 12 13 14 Journal Entry to write down Bananas: 15 15 25 D NRV F Normal Profit Margin (10% of selling price NRV - PM G Replacement Initial Cost $ $ 70 $ 165 $ 90 180

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.