FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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(b) Prepare journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (List all debit entries before credit entries. 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 O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date 12/31/25 12/31/26 Cost of Goods Sold to Market Inventory Debit Credit 41
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Transcribed Image Text:(b) Prepare journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (List all debit entries before credit entries. 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 O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date 12/31/25 12/31/26 Cost of Goods Sold to Market Inventory Debit Credit 41
Crane Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below. Cost 12/31/25 $354,700 413,510 12/31/26 Net Realizable Value $331,550 394,540
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Transcribed Image Text:Crane Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below. Cost 12/31/25 $354,700 413,510 12/31/26 Net Realizable Value $331,550 394,540
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Step 1: Define Inventory Valuation
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Step 2: Journal entries to be recorded are as follows
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