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Kingbird Inc uses a perpetual inventory system. At January 1,2020, inventory was $218,200,500 at both cost and realizable vatue. At December 31,2020 , the itwentory
Kingbird Inc uses a perpetual inventory system. At January 1,2020, inventory was $218,200,500 at both cost and realizable vatue. At December 31,2020 , the itwentory was $287,997,800 at cost and $262,166,100 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. \{Credit account tiflei 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.)
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