Tamarisk Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $210,912?at both cost and market
Fantastic news! We've Found the answer you've been seeking!
Question:
Tamarisk Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $210,912?at both cost and market value. At December 31, 2020, the inventory was $290,410?at cost and $261,580?at market value.
Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
No. | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
(a) | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
(b) | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
Posted Date: