Metlock Inc. uses LIFO inventory costing. At January 1, 2025, Inventory was $213,871 at both cost and market value. At December 31, 2025, the inventory was $287.997 at cost and $268,610 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 O for the amounts) No. Account Titles and Explanation (b) Cost of Goods Sold Allowance to Reduce Inventory to Market Inventory Loss Inventory eTextbook and Media Debit 19387 19387 Credit 19387 19382 su
Metlock Inc. uses LIFO inventory costing. At January 1, 2025, Inventory was $213,871 at both cost and market value. At December 31, 2025, the inventory was $287.997 at cost and $268,610 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 O for the amounts) No. Account Titles and Explanation (b) Cost of Goods Sold Allowance to Reduce Inventory to Market Inventory Loss Inventory eTextbook and Media Debit 19387 19387 Credit 19387 19382 su
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...
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