Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that MRW Inc., uses a perpetual inventory system and the Cost-of-Goods-Sold Method of "No Entry" is needed, please indicate "No Entry".

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question
The information presented below is for MRW Inc., which began operations in 2024. At the end of fiscal year 2024 and fiscal year 2025, the company determined its ending
inventory at cost and at LCNRV.
On December 31, 2024, the company determined ending inventory at cost, $824,550, and at NRV, $811,260.
On December 31, 2025, the company determined ending inventory at cost, $838,400, and at NRV, $853,700.
Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that MRW Inc., uses a perpetual inventory system and the Cost-of-Goods-Sold
Method of "No Entry" is needed, please indicate "No Entry".
a. Prepare the journal entry required at December 31, 2024.
Reference:
Account Title:
Debit:
Credit:
12/31/2024
type your answer....
type your answer.
type your answer
type your answer...
type your answer.
type your answer.
Account Title:
b. Prepare the journal entry required at December 31, 2025.
Reference:
Debit:
Credit:
12/31/2025
type your answer...
type your answer.
type your answer.
type your answer....
type your answer.
type your answer.
Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that AVW Inc., uses a perpetual inventory system and the Loss Method. If "No Entry"
is needed, please indicate "No Entry".
c. Prepare the journal entry required at December 31, 2024.
Reference:
Account Title:
12/31/2024
type your answer...
type your answer...
d. Prepare the journal entry required at December 31, 2025,
Reference: Account Title:
12/31/2025
type your answer...
Debit:
Credit:
type your answer.
type your answer.
type your answer.
type your answer.
Debit:
Credit:
type your answer.
type your answer.
Transcribed Image Text:The information presented below is for MRW Inc., which began operations in 2024. At the end of fiscal year 2024 and fiscal year 2025, the company determined its ending inventory at cost and at LCNRV. On December 31, 2024, the company determined ending inventory at cost, $824,550, and at NRV, $811,260. On December 31, 2025, the company determined ending inventory at cost, $838,400, and at NRV, $853,700. Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that MRW Inc., uses a perpetual inventory system and the Cost-of-Goods-Sold Method of "No Entry" is needed, please indicate "No Entry". a. Prepare the journal entry required at December 31, 2024. Reference: Account Title: Debit: Credit: 12/31/2024 type your answer.... type your answer. type your answer type your answer... type your answer. type your answer. Account Title: b. Prepare the journal entry required at December 31, 2025. Reference: Debit: Credit: 12/31/2025 type your answer... type your answer. type your answer. type your answer.... type your answer. type your answer. Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that AVW Inc., uses a perpetual inventory system and the Loss Method. If "No Entry" is needed, please indicate "No Entry". c. Prepare the journal entry required at December 31, 2024. Reference: Account Title: 12/31/2024 type your answer... type your answer... d. Prepare the journal entry required at December 31, 2025, Reference: Account Title: 12/31/2025 type your answer... Debit: Credit: type your answer. type your answer. type your answer. type your answer. Debit: Credit: type your answer. type your answer.
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education