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Mariah Company has inventory at the end of the year with a historical cost of $88,000, Mariah Company uses the perpetual inventory system Under the LCM rule, the current replacement cost is $72.600 The company uses LIFO Under US GAAP the pum entry to record the write- down to LCM will: O A. debit Cost of Goods Sold for $15,400 and credit Purchases for $15,400 OB. debit Cost of Goods Sold for $15,400 and credit Inventory for $15,400. OC. debit Inventory for $15,400 and credit Cost of Goods Sold for $15,400. O D. debit Purchases for $15,400 and credit Cost of Goods Sold for $15,400.

Mariah Company has inventory at the end of the year with a historical cost of $88,000, Mariah Company uses the perpetual inventory system Under the LCM rule, the current replacement cost is $72.600 The company uses LIFO Under US GAAP the pum entry to record the write- down to LCM will: O A. debit Cost of Goods Sold for $15,400 and credit Purchases for $15,400 OB. debit Cost of Goods Sold for $15,400 and credit Inventory for $15,400. OC. debit Inventory for $15,400 and credit Cost of Goods Sold for $15,400. O D. debit Purchases for $15,400 and credit Cost of Goods Sold for $15,400.

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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Mariah Company has inventory at the end of the year with a historical cost of $88,000, Mariah Company uses the perpetual inventory system. Under the LCM rule, the current replacement cost is $72,600 The company uses LIFO Under US GAAP the purna entry to record the write - down to LCM will: O A. debit Cost of Goods Sold for $15,400 and credit Purchases for $15,400. O B. debit Cost of Goods Sold for $15,400 and credit Inventory for $15,40. O C. debit Inventory for $15,400 and credit Cost of Goods Sold for $15,400 O D. debit Purchases for $15.400 and credit Cost of Goods Sold for $15.400 Click to select your answer. P Type here to search 梦メ 1005 PM S/19/2021 * 144 backspace 9 %23 7 3 4 P home R IT Y E enter K
Transcribed Image Text:Mariah Company has inventory at the end of the year with a historical cost of $88,000, Mariah Company uses the perpetual inventory system. Under the LCM rule, the current replacement cost is $72,600 The company uses LIFO Under US GAAP the purna entry to record the write - down to LCM will: O A. debit Cost of Goods Sold for $15,400 and credit Purchases for $15,400. O B. debit Cost of Goods Sold for $15,400 and credit Inventory for $15,40. O C. debit Inventory for $15,400 and credit Cost of Goods Sold for $15,400 O D. debit Purchases for $15.400 and credit Cost of Goods Sold for $15.400 Click to select your answer. P Type here to search 梦メ 1005 PM S/19/2021 * 144 backspace 9 %23 7 3 4 P home R IT Y E enter K
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