1. Consider the journal entry required using the Cost of Goods Sold Method assuming the use of the perpetual system. Determine the impact on net income. If net income increases input the number. If net income decreases input the number with a minus in front such as -100. If no impact on net income input the number "0".
2. Assume that the company records the adjustment of lower of cost or net realizable value using the Cost of Goods Sold Method. Also, assume the company used the perpetual inventory system. Calculate the Cost of Goods Sold.
3. Assume that the company records the adjustment for lower of cost or net realizable value using the Loss Method. Also, assume the company uses the periodic inventory system. The journal entry required to properly state Cost of Goods Sold is a debit to loss on write down inventory and a credit to what account?

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Using the data below record the entries for the decline in net realizable value for the Inventory under the following methods and systems: Beginning Inventory at lower of Cost or NRV $ Purchases at Ending Inventory At Cost Cost 178,000 $ 146,000 S 164,000 Ending Inventory at $ 132,000 $ Sales 750,000 Using the data below record the entries for the decline in net realizable value for the Inventory under the following methods and systems: Beginning Inventory at lower of Cost or NRV $ Purchases at Ending Inventory At Cost Cost 178,000 $ 146,000 S 164,000 Ending Inventory at $ 132,000 $ Sales 750,000

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Using the Cost of Goods Sold Method and the perpetual system the journal entry required to record th... View the full answer