Prepare the journal entries required at December 31, 2018, and December 31, 2019, assuming that the inventory is recorded at cost, using a perpetual system and the loss .method
Prepare the journal entries required at December 31, 2018, and December 31, 2019, assuming that the inventory is recorded at cost, using a perpetual system and the loss .method
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:COVID Company began operations in 2018
and determined its ending inventory at cost
and at a LCNRV at December 31, 2018, and
December 31, 2019. This information is
-presented below
Cost
Net Realizable Value
12/31/18
$485,000
$535,000
12/31/19
580,000
610,000
:Required
Prepare the journal entries required at
December 31, 2018, and December 31, 2019,
assuming that the inventory is recorded at
cost, using a perpetual system and the loss
.method
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