Cellitol maintains inventory of a few high-demand electronic components. Data for the end of2023are in the spreadsheet.
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Question:
Cellitol maintains inventory of a few high-demand electronic components. Data for the end of 2023 are in the spreadsheet. They use a LIFO cost-flow assumption.
A. Use the data to calculate Cellitol's ending inventory valuation on a lower of cost or market basis. Use formulas in the spreadsheet for your calculations.
B. Prepare the journal entry to adjust the inventory value as of year end.
Related Book For
Accounting What the Numbers Mean
ISBN: 978-0073527062
9th Edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
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