Question: Schonfeld Company determined its ending inventory at cost and at

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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