Splish 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. Cost 12/31/25 $361,140 12/31/26 Date 415,460 (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.) Net Realizable Value $336,200 394,860 0 Account Titles and Explanation Debit Credit

Splish 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. Cost 12/31/25 $361,140 12/31/26 Date 415,460 (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.) Net Realizable Value $336,200 394,860 0 Account Titles and Explanation Debit Credit

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Description: Please do not give solution in image format thanku Splish Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, andDecember 31, 2026. This information is presented below.12/31/2512/31/26CostDa

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Please do not give solution in image format thanku

Splish 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
Cost
Date
$361,140
415,460
(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.)
Net Realizable Value
$336,200
394,860
0
Account Titles and Explanation
Debit
Credit

(b) Prepare journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a
perpetual system using the loss 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.)
Date
Account Titles and Explanation
(c) Which of the two methods above provides the higher net income in each year?
Debit
Credit

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