The following inventory information pertains to Prodigal Company on December 31, 2015. Appliances Car Accessories Product A Product B Product C Product D Units on hand 1,000 600 1,200 1,600 Unit Cost 2,500 3,700 1,400 2,100 Netrealizable value 2,700 3,600 2,000 2,000 28.) Underthe direct method, what is the entry to be prepared by the company to recognize the amount of inventory? 29.) Underthe allowance method, what is the entry to be prepared by the company to recognize the amount of inventory?

The following inventory information pertains to Prodigal Company on December 31, 2015. Appliances Car Accessories Product A Product B Product C Product D Units on hand 1,000 600 1,200 1,600 Unit Cost 2,500 3,700 1,400 2,100 Netrealizable value 2,700 3,600 2,000 2,000 28.) Underthe direct method, what is the entry to be prepared by the company to recognize the amount of inventory? 29.) Underthe allowance method, what is the entry to be prepared by the company to recognize the amount of inventory?

Name: The following inventory information pertains to Prodigal Company on D
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Description: The following inventory information pertains to Prodigal Company on December 31, 2015.AppliancesCar AccessoriesProduct AProduct BProduct CProduct DUnits on hand1,0006001,2001,600Unit Cost2,5003,7001,4002,100Netrealizable value2,7003,6002,0002,00028.

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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