Metlock Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below: Lower-of-Cost-or-Market Cost 12/31/19 $332.020 12/31/20 387,210 $314,460 373,800 (a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual Inventory system (cost-of-goods-sold method) is used. (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 0 for the amounts) Credit Date Account Titles and Explanation 12/31/19 12/31/20 Debit
Metlock Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below: Lower-of-Cost-or-Market Cost 12/31/19 $332.020 12/31/20 387,210 $314,460 373,800 (a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual Inventory system (cost-of-goods-sold method) is used. (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 0 for the amounts) Credit Date Account Titles and Explanation 12/31/19 12/31/20 Debit
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....
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