The information presented below is for MRW Inc., which began operations in 2024. At the end...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The information presented below is for MRW Inc., which began operations in 2024. At the end of fiscal year 2024 and fiscal year 2025, the company determined its ending inventory at cost and at LCNRV. On December 31, 2024, the company determined ending inventory at cost, $824,550, and at NRV, $811,260. On December 31, 2025, the company determined ending inventory at cost, $838,400, and at NRV, $853,700. Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that MRW Inc., uses a perpetual inventory system and the Cost-of-Goods-Sold Method of "No Entry" is needed, please indicate "No Entry". a. Prepare the journal entry required at December 31, 2024. Reference: Account Title: Debit: Credit: 12/31/2024 type your answer.... type your answer. type your answer type your answer... type your answer. type your answer. b. Prepare the journal entry required at December 31, 2025. Reference: Account Title: Debit: Credit: 12/31/2025 type your answer... type your answer. type your answer. type your answer... type your answer. type your answer. Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that AVW Inc., uses a perpetual inventory system and the Loss Method. If "No Entry" is needed, please indicate "No Entry". c. Prepare the journal entry required at December 31, 2024. Reference: Account Title: 12/31/2024 type your answer... type your answer.... d. Prepare the journal entry required at December 31, 2025, Account Title: Reference: 12/31/2025 type your answer.... Debit: Credit: type your answer. type your answer. type your answer. type your answer. Debit: Credit: type your answer. type your answer. The information presented below is for MRW Inc., which began operations in 2024. At the end of fiscal year 2024 and fiscal year 2025, the company determined its ending inventory at cost and at LCNRV. On December 31, 2024, the company determined ending inventory at cost, $824,550, and at NRV, $811,260. On December 31, 2025, the company determined ending inventory at cost, $838,400, and at NRV, $853,700. Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that MRW Inc., uses a perpetual inventory system and the Cost-of-Goods-Sold Method of "No Entry" is needed, please indicate "No Entry". a. Prepare the journal entry required at December 31, 2024. Reference: Account Title: Debit: Credit: 12/31/2024 type your answer.... type your answer. type your answer type your answer... type your answer. type your answer. b. Prepare the journal entry required at December 31, 2025. Reference: Account Title: Debit: Credit: 12/31/2025 type your answer... type your answer. type your answer. type your answer... type your answer. type your answer. Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that AVW Inc., uses a perpetual inventory system and the Loss Method. If "No Entry" is needed, please indicate "No Entry". c. Prepare the journal entry required at December 31, 2024. Reference: Account Title: 12/31/2024 type your answer... type your answer.... d. Prepare the journal entry required at December 31, 2025, Account Title: Reference: 12/31/2025 type your answer.... Debit: Credit: type your answer. type your answer. type your answer. type your answer. Debit: Credit: type your answer. type your answer.
Expert Answer:
Answer rating: 100% (QA)
Answer a Prepare the journal entry required at December 31 2024 LCNRV method perpetual invent... View the full answer
Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Why is the number of equivalent units for materials only sometimes equal to the equivalent units for conversion?
-
A new Corvette weighs 3,273 lb. A manufacturer's scale that is accurate to the nearest 10 lb gives the weight as 3,250 lb, while the U.S. Department of Transportation uses a scale that is accurate to...
-
1. Why do you think that people have experienced even more difficulties than usual in predicting the prices of shares of stock issued by individual companies? 2. Do you suppose that the degree of...
-
For the following set of scores, compute the range, the unbiased and the biased standard deviation, and the variance. Do these computations by hand. 31, 42, 35, 55, 54, 34, 25, 44, 35
-
Special order pricing Shorewood Shoes Company makes and sells a variety of leather shoes for children. For its current mix of different models and sizes, the average selling price and costs per pair...
-
In light of what you have learned about existing doctrine and the competing interests at stake, consider whether you are satisfied with the law's current approach, and, if not, try to identify...
-
Change the following equations in to heat or mass analogy, depending on the case. JD=0.036 N2R Jr-h/C, G (N )23
-
Consider demand curves for aspirin, estimated for two different sets of consumers: (a) Q = 20 5 P + 0.2 Y (b) Q = 30 5 P + 0.2 Y If Y = $20 and P = $1, calculate the price and income elasticities...
-
Assume that health production is subject to diminishing returns and that each unit of health care employed entails a constant rate of iatrogenic (medically caused) disease. Would the production of...
-
Given the cost function and economies of scale and scope information reviewed in this chapter, does a policy encouraging large, centralized hospitals seem wise? Will market forces tend to reward...
-
If we are trying to relate output to labor inputs and capital inputs using regression analysis, would we expect the coeffi cients of the regressions to be positive or negative? Why?
-
Economists defi ne the elasticity of substitution as the percentage change in the capital/ labor ratio elicited by a 1 percent change in the factor price (wages/capital costs, for example) ratio....
-
Write a paper on different education policies and statistics for countries around the world and how they differ from the United States. What we as a nation are doing wrong and how other are doing...
-
In the simple quantity theory of money, what will lead to an increase in aggregate demand? In monetarism, what will lead to an increase in aggregate demand?
-
A rotary drum filter has a diameter of $6 \mathrm{ft}$ and a length of $8 \mathrm{ft}$ and rotates at a rate of $30 \mathrm{~s} / \mathrm{cycle}$. The filter operates at a vacuum of $500 \mathrm{~mm}...
-
You must filter $1000 \mathrm{lb}_{\mathrm{m}} / \mathrm{min}$ of an aqueous slurry containing $40 %$ solids by weight using a rotary drum filter with a diameter of $4 \mathrm{~m}$ and a length of $4...
-
A slurry containing $1 \mathrm{lb}_{\mathrm{m}}$ of solids per gallon of water is to be filtered in a plate-and-frame filter having a total filtering area of $60 \mathrm{ft}^{2}$. The slurry is fed...
Study smarter with the SolutionInn App