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Kingbird Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026.
Kingbird Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below. Cost LCNRV 12/31/25 $854,000 $808,300 12/31/26 1,021,000 986,100 (a) Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming that the inventory is recorded at LCNRV, and that a perpetual inventory system. Using the cost-of-goods-sold method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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