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Headland Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, and December 31, 2027, as shown below. 12/31/25 12/31/26 12/31/27 Cost $585,500 731,000 834,400 NRV $585,500 660,500 757,300

Headland Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, and December 31, 2027, as shown below. 12/31/25 12/31/26 12/31/27 Cost $585,500 731,000 834,400 NRV $585,500 660,500 757,300

FINANCIAL ACCOUNTING
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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Headland Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, and December 31, 2027, as shown below. 12/31/25 12/31/26 12/31/27 (a) Date 12/31/26 Cost $585,500 12/31/27 731,000 834,400 Your answer is partially correct. Save for Later Prepare the journal entries required at December 31, 2026, and at December 31, 2027, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV are 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 O for the amounts. Record journal entries in the order presented in the problem.) NRV $585,500 List of Accounts 660,500 757,300 Account Titles and Explanation eTextbook and Media Cost of Goods Sold Inventory Cost of Goods Sold Inventory Debit 70500 6600 Attempts: 2 of 3 used Credit 70 61 Submit Answer
Transcribed Image Text:Headland Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, and December 31, 2027, as shown below. 12/31/25 12/31/26 12/31/27 (a) Date 12/31/26 Cost $585,500 12/31/27 731,000 834,400 Your answer is partially correct. Save for Later Prepare the journal entries required at December 31, 2026, and at December 31, 2027, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV are 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 O for the amounts. Record journal entries in the order presented in the problem.) NRV $585,500 List of Accounts 660,500 757,300 Account Titles and Explanation eTextbook and Media Cost of Goods Sold Inventory Cost of Goods Sold Inventory Debit 70500 6600 Attempts: 2 of 3 used Credit 70 61 Submit Answer
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