Instructions The inventories of Derry Company for the years 2019 and 2020 are as follows: Cout NRV $10.000 January 1, 2019 December 31, 2010 $10,000 19.000 11.500 December 31, 2020 16.000 14.000 Berry uses the periodic inventory method and the FIFO inventory cost flow assumption. Required: 1. Ansune the inventory that existed at the end of 2019 was sold in 2000. Prepare the necessary journal entries at the end of each your to record the correct inventory valuation / Bey uses the a direct mailed balowance method 2. Next Level Consider the differences between the direct method and the allowance method with regard to inventory valuation and income. How does the use of a periodic or perpetual inventory system affect the valuation of inventory? General Joumal ta. Prepare the necessary journal entries to close and property value inventory on December 31 of each year assuming that Berry uses a periodic inventory system and the direct method General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POSTRE DEBIT CREDIT 1 2 1 6 7 1 b. Prepare the necessary oumal entries to close and property value inventory on December 31 dl oach year assuming that Berry uses a periodo inventory system and the allowance method General Journalists PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST RER DERIT CREDIT + 1 2 4 5 . 8 9 10 11 12 11 Instructions The inventories of Derry Company for the years 2019 and 2020 are as follows: Cout NRV $10.000 January 1, 2019 December 31, 2010 $10,000 19.000 11.500 December 31, 2020 16.000 14.000 Berry uses the periodic inventory method and the FIFO inventory cost flow assumption. Required: 1. Ansune the inventory that existed at the end of 2019 was sold in 2000. Prepare the necessary journal entries at the end of each your to record the correct inventory valuation / Bey uses the a direct mailed balowance method 2. Next Level Consider the differences between the direct method and the allowance method with regard to inventory valuation and income. How does the use of a periodic or perpetual inventory system affect the valuation of inventory? General Joumal ta. Prepare the necessary journal entries to close and property value inventory on December 31 of each year assuming that Berry uses a periodic inventory system and the direct method General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POSTRE DEBIT CREDIT 1 2 1 6 7 1 b. Prepare the necessary oumal entries to close and property value inventory on December 31 dl oach year assuming that Berry uses a periodo inventory system and the allowance method General Journalists PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST RER DERIT CREDIT + 1 2 4 5 . 8 9 10 11 12 11
