Question

Schonfeld Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2012, 2013, and 2014, as follows:
Instructions
(a) Prepare the journal entries that are required at December 31, 2013 and 2014, assuming that a periodic inventory system and the direct method of adjusting to NRV are used.
(b) Prepare the journal entries that are required at December 31, 2013 and 2014, assuming that a periodic inventory system is used, with inventory recorded at cost and reduced to NRV through the use of an allowance account.


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  • CreatedSeptember 18, 2015
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