Wildhorse 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 $855,000 12/31/26 (a) Cost Date 1,022,000 LCNRV $809,400 986,700 Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming that the inventory is recorded at LCNRV, and that a perpetual inventory system. Using the cost-of-goods-sold method. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit

Wildhorse 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 $855,000 12/31/26 (a) Cost Date 1,022,000 LCNRV $809,400 986,700 Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming that the inventory is recorded at LCNRV, and that a perpetual inventory system. Using the cost-of-goods-sold method. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit

Name: Wildhorse Company began operations in 2025 and determined its ending
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Description: Wildhorse 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.12/31/25 $855,00012/31/26(a)CostDate1,022,000LCNRV$809,400986,700Prep

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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