Inventory Write-down Belt Company reported inventory of $34,000 on October 1, 2001, and purchased $174,000 of inventory
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Inventory Write-down Belt Company reported inventory of $34,000 on October 1, 2001, and purchased
$174,000 of inventory on account during the month. Cost of goods sold for October was $153,000. In preparing adjusting entries at October 31, 2001, the company learned that the current replacement cost of its inventory was $46,000. Give the journal entry to record the inventory adjustment at October 312008
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Related Book For
Financial Accounting A Decision Making Approach
ISBN: 9780471328230
2nd Edition
Authors: Thomas E. King, Valdean C. Lembke, John H. Smith
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