Martinez Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2021, 2022, and 2023, as follows: Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 (a) Cost $73,000 87,000 78,800 Lower of Cost and Net Realizable Value $73,000 78,300 69,000 Prepare the journal entries required at December 31, 2022 and 2023, assuming that a periodic inventory system and the direct method of adjusting to NRV are used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required select "No Entry" for the account titles and enter Of SU
Martinez Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2021, 2022, and 2023, as follows: Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 (a) Cost $73,000 87,000 78,800 Lower of Cost and Net Realizable Value $73,000 78,300 69,000 Prepare the journal entries required at December 31, 2022 and 2023, assuming that a periodic inventory system and the direct method of adjusting to NRV are used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required select "No Entry" for the account titles and enter Of SU
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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