Giron Company has 2,000 units of inventory on hand with a unit cost of $200 and a net realizable value per unit of 9175. What journal entry should Giron Company record lo write down inventory under the LCM rule? O Debit cost of goods sold for $50,000 and Credit inventory for $50,000 O No write down of inventory is required in this scenario. O Debit impairment expense for $50,000 and Credit inventory for $50,000 O Debit inventory for $50,000 and Credit impairment for $50,000

Giron Company has 2,000 units of inventory on hand with a unit cost of $200 and a net realizable value per unit of 9175. What journal entry should Giron Company record lo write down inventory under the LCM rule? O Debit cost of goods sold for $50,000 and Credit inventory for $50,000 O No write down of inventory is required in this scenario. O Debit impairment expense for $50,000 and Credit inventory for $50,000 O Debit inventory for $50,000 and Credit impairment for $50,000

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Description: Please do not give solution in image format thanku Giron Company has 2,000 units of inventory on hand witha unit cost of $200 and a net realizable value per unit of9175. What journal entry should Giron Company record lowrite down inventory under the

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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