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What would the journal entry be for the following question Inventory is valued using weighted average and a periodic inventory system is maintained.   Estelle has already applied weighted average to food inventory after doing a physical count on December 31, 2020 before closing for New Year’s Eve. Estelle records inventory at net realizable value on an item-by-item basis for financial reporting.   Food inventory   Cost Net realizable value Raw ingredients – wet $45,000 $43,000 Raw ingredients – dry $72,000 $68,000 Finished goods – refrigerated and non-refrigerated desserts ready for sale $3,200 $3,200 Total 120,200 114,200

What would the journal entry be for the following question Inventory is valued using weighted average and a periodic inventory system is maintained.   Estelle has already applied weighted average to food inventory after doing a physical count on December 31, 2020 before closing for New Year’s Eve. Estelle records inventory at net realizable value on an item-by-item basis for financial reporting.   Food inventory   Cost Net realizable value Raw ingredients – wet $45,000 $43,000 Raw ingredients – dry $72,000 $68,000 Finished goods – refrigerated and non-refrigerated desserts ready for sale $3,200 $3,200 Total 120,200 114,200

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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What would the journal entry be for the following question

  1. Inventory is valued using weighted average and a periodic inventory system is maintained.

 

Estelle has already applied weighted average to food inventory after doing a physical count on December 31, 2020 before closing for New Year’s Eve. Estelle records inventory at net realizable value on an item-by-item basis for financial reporting.

 

Food inventory

 

Cost

Net realizable value

Raw ingredients – wet

$45,000

$43,000

Raw ingredients – dry

$72,000

$68,000

Finished goods – refrigerated and non-refrigerated desserts ready for sale

$3,200

$3,200

Total

120,200

114,200

 

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