Marigold Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,040,000. At December 31, 2025, Marigold's internal reports indicated that the FIFO inventory balance was $2,625,900 and for external reporting purposes the LIFO inventory balance was $1,487,200. (a1) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ LIFO effect for 2025 $ 1138700 98700

Marigold Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,040,000. At December 31, 2025, Marigold's internal reports indicated that the FIFO inventory balance was $2,625,900 and for external reporting purposes the LIFO inventory balance was $1,487,200. (a1) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ LIFO effect for 2025 $ 1138700 98700

Name: I also need the journal entry for december 31 2025 What is the journal
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Description: I also need the journal entry for december 31 2025 What is the journal entry needed to record the LIFO effect at December 31, 2025? (If no entry is required, select "No entry" for theaccount titles and enter O for the amounts. Credit account titles a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

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.

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Question

I also need the journal entry for december 31 2025

What is the journal entry needed to record the LIFO effect at December 31, 2025? (If no entry is required, select "No entry" for the
account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent
manually. List debit entry before credit entry.)
Date
Dec. 31,
2025
Account Titles and Explanation
eTextbook and Media
List of Accounts
Expedia
Debit
Credit

Marigold Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At
January 1, 2025, the LIFO reserve has a credit balance of $1,040,000. At December 31, 2025, Marigold's internal reports indicated
that the FIFO inventory balance was $2,625,900 and for external reporting purposes the LIFO inventory balance was $1,487,200.
(a1)
Your answer is correct.
What is the amount of the LIFO reserve and the LIFO effect related to 2025?
LIFO reserve at December 31, 2025 $
LIFO effect for 2025
$
1138700
98700

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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