A company using LCNRV determines that their ending inventory has a total cost of $348,000, but...
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A company using LCNRV determines that their ending inventory has a total cost of $348,000, but a total NRV of $367,000. What adjusting journal entry should be recorded if the company uses the cost of goods sold method for the entry? No entry Dr. Cost of goods sold $19,000; Cr. Loss due to decline in inventory $19,000 Dr. Cost of goods sold $19,000; Cr. Allowance to reduce inventory $19,000 Dr. Cost of goods sold $19,000; Cr. Inventory $19,000 A company using LCNRV determines that their ending inventory has a total cost of $348,000, but a total NRV of $367,000. What adjusting journal entry should be recorded if the company uses the cost of goods sold method for the entry? No entry Dr. Cost of goods sold $19,000; Cr. Loss due to decline in inventory $19,000 Dr. Cost of goods sold $19,000; Cr. Allowance to reduce inventory $19,000 Dr. Cost of goods sold $19,000; Cr. Inventory $19,000
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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