(a) Describe the journal entry required to record a decline in inventory value under the lower of...
Question:
(a) Describe the journal entry required to record a decline in inventory value under the lower of cost and net realizable value rule.
(b) Why is an entry required to record this decline to net realizable value even if a company did not sell any of these goods?
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Step by Step Answer:
a Cost of Goods Sold is debited when recording a decl...View the full answer
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9781119594574
8th Canadian Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley
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