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As a result of its annual inventory count, Martinez Corp. determined its ending inventory at cost and at lower of cost and net realizable value
As a result of its annual inventory count, Martinez Corp. determined its ending inventory at cost and at lower of cost and net realizable
value at December and December December was Martinez's first year end. This information is as
follows:
Prepare the journal entries required at December and assuming that the inventory is recorded directly at the
lower of cost and net realizable value and a periodic inventory system is used. Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts.
List all debit entries before credit entries.
Date Account Titles and Explanation
Debit
Credit
To record ending inventory at LC and NRV
To transfer out beginning inventory balance
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