Marigold Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,649 at both cost and market value. At December 31, 2025, the inventory was $287,776 at cost and $269,210 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) 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 0 for the amounts.) No. Account Titles and Explanation (a) (b) Cost of Goods Sold Allowance to Reduce Inventory to Market Inventory Loss Debit 18566 18566 Credit 18566

Marigold Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,649 at both cost and market value. At December 31, 2025, the inventory was $287,776 at cost and $269,210 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) 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 0 for the amounts.) No. Account Titles and Explanation (a) (b) Cost of Goods Sold Allowance to Reduce Inventory to Market Inventory Loss Debit 18566 18566 Credit 18566

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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