Kumar Inc. uses a perpetual inventory system. At January 1, 2011, inventory was $214,000 at both cost
Question:
Kumar Inc. uses a perpetual inventory system. At January 1, 2011, inventory was $214,000 at both cost and market value. At December 31, 2011, the inventory was $286,000 at cost and $265,000 at market value. Prepare the necessary December 31 entry under
(a) The direct method and
(b) The indirect method.
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a Direct method Cost of Goods Sold 2100...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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