FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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answer in text form please (without image), Note: .Every entry should have narration please
E8.4 (LO 1) (LCNRV-Journal Entries) Dover 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. Net Realizable Value $322,000 390,000 12/31/25 12/31/26 Cost $346,000 410,000 Instructions a. Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. 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. c. Which of the two methods above provides the higher net income in each year?
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Transcribed Image Text:E8.4 (LO 1) (LCNRV-Journal Entries) Dover 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. Net Realizable Value $322,000 390,000 12/31/25 12/31/26 Cost $346,000 410,000 Instructions a. Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. 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. c. Which of the two methods above provides the higher net income in each year?
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Step 1: Perpetual and Periodic Inventory Explained -
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Step 2: a. Journal Entries are recorded using Perpetual Inventory System -
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Step 3: b. Journal Entries are recorded using Periodic Inventory System -
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