Metlock Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below: Lower-of-Cost-or-Market Cost 12/31/19 $332.020 12/31/20 387,210 $314,460 373,800 (a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual Inventory system (cost-of-goods-sold method) is used. (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 0 for the amounts) Credit Date Account Titles and Explanation 12/31/19 12/31/20 Debit

Metlock Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below: Lower-of-Cost-or-Market Cost 12/31/19 $332.020 12/31/20 387,210 $314,460 373,800 (a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual Inventory system (cost-of-goods-sold method) is used. (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 0 for the amounts) Credit Date Account Titles and Explanation 12/31/19 12/31/20 Debit

Name: (b) Prepare journal entries required at December 31, 2019, and Decemb
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Description: (b) Prepare journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded atmarket under a perpetual system (loss method is used). (Credit account titles are automatically indented when amount is enter

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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