Coronado Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $212,686 at both cost and market value. At December 31, 2020, the inventory was $281.922 at cost and $259,890 at market value. Use an allowance account. 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 O for the amounts.) No. Account Titles and Explanation (a) (b) Debit Credit Un SUPP

Coronado Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $212,686 at both cost and market value. At December 31, 2020, the inventory was $281.922 at cost and $259,890 at market value. Use an allowance account. 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 O for the amounts.) No. Account Titles and Explanation (a) (b) Debit Credit Un SUPP

Name: answer in text form please (without image), Note: .Every entry shoul
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Description: answer in text form please (without image), Note: .Every entry should have narration please Coronado Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $212,686 at both cost and market value. At December31, 2020, the inventory was

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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