Marigold Company began operations in 2024 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2024, and December 31, 2025. This information is presented below. Cost 12/31/24 $355,570 12/31/25 374,580 Date (a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is 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.) V Date Lower-of-Cost-or-Market $338,310 361,170 v Account Titles and Explanation (b) Prepare journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market under a perpetual system (loss method is 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.) Account Titles and Explanation Debit (c) Which of the two methods above provides the higher net income in each year? Credit Debit Credit

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A: Average Method:-It is the cost calculated by dividing the total cost by the total number of units.…

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A:

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A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased items…

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A: Perpetual Inventory System is a method of costing the ending inventory and the inventory sold. Under…

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A: The cost of goods sold is the total cost that is contributes in the selling of the product.

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A: FIFO is inventory valuation method where the inventory came first in store will be sold first and…

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A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

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A: The total value of your merchandise that is on hand for sale at the conclusion of an accounting…

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Q: s

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A: Lower-of-cost-or-net realizable value is the concept that tells the inventory should be recorded at…

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A: The inventory can be valued using various methods as FIFO, LIFO and average method. FIFO stands for…

Q: cent year ost of goods sold un unit" to 4 decimal p

A: Answer : Total cost : unit cost  total cost 1970 $6 $11,820 6090 $5 $30,450 4160 $3 $12,480…

Q: Which inventory method will allow company to present the highest ending inventory on the January 31,…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.