Sheffield Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below. 12/31/25 12/31/26 Date 12/31/25 Cost 12/31/26 $341,860 376,520 Net Realizable Value (a) Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.) $318,330 357,230 Account Titles and Explanation Cost of Goods Sold Allowance to Reduce Inventory to NRV Allowance to Reduce Inventory to NRV Cost of Goods Sold Debit 23530 4240 Credit 23530 4240

Sheffield Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below. 12/31/25 12/31/26 Date 12/31/25 Cost 12/31/26 $341,860 376,520 Net Realizable Value (a) Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.) $318,330 357,230 Account Titles and Explanation Cost of Goods Sold Allowance to Reduce Inventory to NRV Allowance to Reduce Inventory to NRV Cost of Goods Sold Debit 23530 4240 Credit 23530 4240

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Description: Red-lined boxes were marked wrong. Please fix them. (b) Prepare journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and aperpetual system using the loss method. (List all debit entries before

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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It says they answers are wrong from your example.