Question
Archer Manufacturing had sales for the week of $3,653 ? , of which $3,000 was on credit and$653 in cash sales. The cost of the
Archer Manufacturing had sales for the week of $3,653?, of which $3,000 was on credit and$653
in cash sales. The cost of the merchandise sold was $1,805.
The journal entries would include? a:
A.
debit to Cash for
3,653?,
credit to Sales for
$3,653.
B.
debit to Cost of Goods Sold for
$1,805?;
credit to Inventory for
$1,805.
C.
debit to Cash for
$3,653
and a credit to Cost of Goods Sold for
$3,653.
D.
debit to Cost of Goods Sold for $1,805?;
credit to Sales of
$1,805.
?S&C Inc. has the following LIFO perpetual inventory? records:
Date | Purchases | Cost of Goods Sold | Inventory on Hand |
December 1 | $3,500 | ||
December 7 | $1,300 | $4,800 | |
December 18 | $1,100 | $3,700 | |
December 31 | $200 | $3,900 |
The current replacement cost of the ending inventory is
$2,500.
To apply the? lower-of-cost-or-market rule, the journal entry would? be:
A.
debit Invento $1,100?,
credit Cost of Goods Sold $ $1,100
B.
debit Cost of Goods Sold
$1,400?,
credit Inventory$1,400
C.
debit Cost of Goods Sold
$1,100?,
credit Inventory$1,100
D.
debit Inventory
$1,400?,
credit Cost of Goods Sold $1,400
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