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Applying LCNRV, ABC Company determines that, as of December 31, merchandise that originally cost $46,300 is now $43,500 at market. This is a temporary decline
- Applying LCNRV, ABC Company determines that, as of December 31, merchandise that originally cost $46,300 is now $43,500 at market. This is a temporary decline due to the seasonal nature of the merchandise. ABC Company should:
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| make an entry to decrease the inventory account | |
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| make no entry | |
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| make an entry to reduce retained earnings | |
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| make an entry to increase cost of goods sold |
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Audit And Assurance Principles And Practices In Singapore
Authors: Dr Ernest Kan
5th Edition
9814838136, 978-9814838139
