(L02) Kumar Inc. uses LIFO inventory costing. At January 1, 2017, inventory was $214,000 at both cost...
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(L02) Kumar Inc. uses LIFO inventory costing. At January 1, 2017, inventory was $214,000 at both cost and market value. At December 31, 2017, the inventory was $286,000 at cost and $265,000 at market value. Prepare the necessary December 31 entry under
(a) the cost-of-goods-sold method and
(b) the loss method.
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