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From the following information, prepare journal entries to record net realizable value instead of cost using: (2.5 marks) i. Loss method ii. COGS method Cost
From the following information, prepare journal entries to record net realizable value instead of cost using: (2.5 marks)
i. Loss method
ii. COGS method
Cost of goods sold (before adjusting to NRV) $235,000
Ending inventory (Cost) $190,000
Ending inventory (NRV) $165,000
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Financial Accounting
Authors: Tony Davies, Ian Crawford
1st Edition
0273723073, 9780273723073
