Question
Cypress Co. has the following LIFO perpetual inventoryrecords: Date Purchases Cost of Goods Sold Inventory on Hand December 1 - - 4,150 December 7 $1,400
Cypress Co. has the following LIFO perpetual inventoryrecords:
Date
Purchases
Cost of Goods Sold
Inventory on Hand
December 1
-
- 4,150
December 7
$1,400 5,550
December 18
$900 4,650
December 31
$1,400 6,050
The current replacement cost of the ending inventory is $3,800. To apply thelower-of-cost-or-market rule, the journal entry wouldbe:
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Accounting Terminology
Authors: Michael P Griffin
1st Edition
1423229371, 9781423229377
