(b) Prepare journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded atmarket under a perpetual system (loss method is used). (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for theamounts. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit Wildhorse Company began operations in 2024 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market atDecember 31, 2024, and December 31, 2025. This information is presented below.Cost12/31/24 $380,13012/31/25375,650Lower-of-Cost-or-Market$359,390358,630(a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded atmarket, and a perpetual inventory system (cost-of-goods-sold method) is used. (List all debit entries before credit entries. Credit accounttitles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titlesand enter o for the amounts. Record journal entries in the order presented in the problem.)

Name: (b) Prepare journal entries required at December 31, 2024, and Decemb
Uploaded: 2024-03-20T06:32:37.000Z
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Description: (b) Prepare journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded atmarket under a perpetual system (loss method is used). (List all debit entries before credit entries. Credit account titles a