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Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $620,000. The current replacement cost of the inventory is $608,000 The net realizable value is $640 000 The company uses FO adjustments at the end of the period, the cost of goods sold account has a balance of $910,000 Which journal entry is required under US GAAP? OA. debit Inventory for $12.000 and credit Cost of Goods Sold for $12,000 OB. debit Inventory for $20,000 and credit Cost of Goods Sold for $20,000 OC. debit Cost of Goods Sold for $20,000 and credit Inventory for $20,000 Goods Sold for $12,000 and credit Inventory for $12,000 OD. debit Cost

Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $620,000. The current replacement cost of the inventory is $608,000 The net realizable value is $640 000 The company uses FO adjustments at the end of the period, the cost of goods sold account has a balance of $910,000 Which journal entry is required under US GAAP? OA. debit Inventory for $12.000 and credit Cost of Goods Sold for $12,000 OB. debit Inventory for $20,000 and credit Cost of Goods Sold for $20,000 OC. debit Cost of Goods Sold for $20,000 and credit Inventory for $20,000 Goods Sold for $12,000 and credit Inventory for $12,000 OD. debit Cost

FINANCIAL ACCOUNTING
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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Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $620,000. The current replacement cost of the inventory is $608,000 The net realizable value is $640 000 The company uses LIFO Before any adjustments at the end of the period, the cost of goods sold account has a balance of $910,000 Which journal entry is required under US. GAAP? OA. debit Inventory for $12,000 and credit Cost of Goods Sold for $12,000 OB. debit Inventory for $20,000 and credit Cost of Goods Sold for $20,000 OC. debit Cost of Goods Sold for $20,000 and credit Inventory for $20,000 OD. debit Cost of Goods Sold for $12.000 and credit Inventory for $12.000 Click to select your answer. 1005 PM # メ 5/19/2021 P Type here to search delete home backspace 96 5 8 Y U P Q W R tab enter G K D
Transcribed Image Text:Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $620,000. The current replacement cost of the inventory is $608,000 The net realizable value is $640 000 The company uses LIFO Before any adjustments at the end of the period, the cost of goods sold account has a balance of $910,000 Which journal entry is required under US. GAAP? OA. debit Inventory for $12,000 and credit Cost of Goods Sold for $12,000 OB. debit Inventory for $20,000 and credit Cost of Goods Sold for $20,000 OC. debit Cost of Goods Sold for $20,000 and credit Inventory for $20,000 OD. debit Cost of Goods Sold for $12.000 and credit Inventory for $12.000 Click to select your answer. 1005 PM # メ 5/19/2021 P Type here to search delete home backspace 96 5 8 Y U P Q W R tab enter G K D
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