Plant Company began operations in 2021 and determined its ending inventory at cost and at lower-of-cost-or-NRV at December 31, 2021, 2022, and 2023. This information is presented below. Cost Lower-of-Cost-or-NRV December 31, 2021 $87,000 $71,000 December 31, 2022 100,000 98,000 December 31, 2023 97,000 97,000 (a) Prepare the journal entries required at December 31, 2021, 2022, and 2023, assuming that the cost-of-goods-sold method is used with an allowance account. (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.)
Plant Company began operations in 2021 and determined its ending inventory at cost and at lower-of-cost-or-NRV at December 31, 2021, 2022, and 2023. This information is presented below. Cost Lower-of-Cost-or-NRV December 31, 2021 $87,000 $71,000 December 31, 2022 100,000 98,000 December 31, 2023 97,000 97,000 (a) Prepare the journal entries required at December 31, 2021, 2022, and 2023, assuming that the cost-of-goods-sold method is used with an allowance account. (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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Current Attempt in Progress
Plant Company began operations in 2021 and determined its ending inventory at cost and at lower-of-cost-or-NRV at December 31,
2021, 2022, and 2023. This information is presented below.
Cost
Lower-of-Cost-or-NRV
December 31, 2021
$87,000
$71,000
December 31, 2022
100,000
98,000
December 31, 2023
97,000
97,000
(a)
Prepare the journal entries required at December 31, 2021, 2022, and 2023, assuming that the cost-of-goods-sold method is used
with an allowance account. (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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F55f4ea32-f8ba-43a9-be56-096143d665e3%2Ffccfb991-80ba-4a13-a520-0a3668d8ed2c%2F2r4k4e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
Plant Company began operations in 2021 and determined its ending inventory at cost and at lower-of-cost-or-NRV at December 31,
2021, 2022, and 2023. This information is presented below.
Cost
Lower-of-Cost-or-NRV
December 31, 2021
$87,000
$71,000
December 31, 2022
100,000
98,000
December 31, 2023
97,000
97,000
(a)
Prepare the journal entries required at December 31, 2021, 2022, and 2023, assuming that the cost-of-goods-sold method is used
with an allowance account. (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.)
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