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

Q: Blossom Inc. uses LIFO inventory costing. At January 1,2020, inventory was $216,195 at both cost and…

A:

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

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A: Under periodic inventory system the cost of goods sold and inventory are not updated simultaneously.…

Q: s

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

A: LIFODateParticularsPurchaseSaleBalanceUnit Cost ($)Total ($)Unit Cost ($)Total ($)Unit Cost ($)Total…

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Q: Bombers Corporation began operations in 2026. Its ending inventory at cost and at LCNRV at the end…

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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.