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Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that MRW Inc., uses a perpetual inventory system and the Cost-of-Goods-Sold Method of "No Entry" is needed, please indicate "No Entry".

Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that MRW Inc., uses a perpetual inventory system and the Cost-of-Goods-Sold Method of "No Entry" is needed, please indicate "No Entry".

FINANCIAL ACCOUNTING
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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The information presented below is for MRW Inc., which began operations in 2024. At the end of fiscal year 2024 and fiscal year 2025, the company determined its ending inventory at cost and at LCNRV. On December 31, 2024, the company determined ending inventory at cost, $824,550, and at NRV, $811,260. On December 31, 2025, the company determined ending inventory at cost, $838,400, and at NRV, $853,700. Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that MRW Inc., uses a perpetual inventory system and the Cost-of-Goods-Sold Method of "No Entry" is needed, please indicate "No Entry". a. Prepare the journal entry required at December 31, 2024. Reference: Account Title: Debit: Credit: 12/31/2024 type your answer.... type your answer. type your answer type your answer... type your answer. type your answer. Account Title: b. Prepare the journal entry required at December 31, 2025. Reference: Debit: Credit: 12/31/2025 type your answer... type your answer. type your answer. type your answer.... type your answer. type your answer. Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that AVW Inc., uses a perpetual inventory system and the Loss Method. If "No Entry" is needed, please indicate "No Entry". c. Prepare the journal entry required at December 31, 2024. Reference: Account Title: 12/31/2024 type your answer... type your answer... d. Prepare the journal entry required at December 31, 2025, Reference: Account Title: 12/31/2025 type your answer... Debit: Credit: type your answer. type your answer. type your answer. type your answer. Debit: Credit: type your answer. type your answer.
Transcribed Image Text:The information presented below is for MRW Inc., which began operations in 2024. At the end of fiscal year 2024 and fiscal year 2025, the company determined its ending inventory at cost and at LCNRV. On December 31, 2024, the company determined ending inventory at cost, $824,550, and at NRV, $811,260. On December 31, 2025, the company determined ending inventory at cost, $838,400, and at NRV, $853,700. Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that MRW Inc., uses a perpetual inventory system and the Cost-of-Goods-Sold Method of "No Entry" is needed, please indicate "No Entry". a. Prepare the journal entry required at December 31, 2024. Reference: Account Title: Debit: Credit: 12/31/2024 type your answer.... type your answer. type your answer type your answer... type your answer. type your answer. Account Title: b. Prepare the journal entry required at December 31, 2025. Reference: Debit: Credit: 12/31/2025 type your answer... type your answer. type your answer. type your answer.... type your answer. type your answer. Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that AVW Inc., uses a perpetual inventory system and the Loss Method. If "No Entry" is needed, please indicate "No Entry". c. Prepare the journal entry required at December 31, 2024. Reference: Account Title: 12/31/2024 type your answer... type your answer... d. Prepare the journal entry required at December 31, 2025, Reference: Account Title: 12/31/2025 type your answer... Debit: Credit: type your answer. type your answer. type your answer. type your answer. Debit: Credit: type your answer. type your answer.
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