Marigold Company determined its ending inventory at cost and at lower of cost and ...

Problem 8-9 Marigold Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2015, 2016, and 2017, as follows: Lower of Cost and Cost Net Realizable Value Dec. 31, 2015 $75,000 $75,000 Dec. 31, 2016 78,000 70,200 Dec. 31, 2017 78,800 69,0 Prepare the journal entries that are required at December 31, 2016 and 2017, assuming that a periodic inventory system and the direct method of adjusting to NRV are used. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit 12/31/16 (To close beginning inventory) 12/31/16 (To record ending inventory) 12/31/16 ( Year end inventory adjustment) 12/31/17 (To close beginning inventory) 12/31/17 (To record ending inventory)\fPrepare the journal Entries that are required at December 31 , 2015 and 2017 , assuming that a periodic inventory system is used , with inventory recorded at cost and reduced to NRV through the use* of an allowance account . ( Credit account titles are automatically indented when the amount is Entered . Do not indent manually . If no entry is required , Select "NO Entry " for the account titles and enter O for the amounts . ) Date Account Titles and Explanation Debit Credit 12 / 31 / 16 ( To close beginning inventory ) 12 /31/ 16 ( To record Ending inventory !" 12 / 31 / 16 ( Year End inventory adjustment* !* 12 / 31/ 17 [ To close beginning inventory* * 12 / 31 / 17 ( To record Ending inventory*) 12 / 31/ 17 "Year End inventory adjustment ;Problem 8 - 9 ACCOUNTS Payable Accounts RECEIVable* Allowance to Reduce Inventory to NAV Biological ASSETS Buildings Cash Cost of Goods Sold Equipment Interest EXPENSE Interest Income Interest Payable Interest Receivable Inventory Inventory Over and Short Land Liability for Onerous Contracts LOSE on Inventory QUE to Decline in NAVY LOSE on Purchase Contracts NO Entry Purchase Discounts Purchase Discounts Lost Purchase Returns and Allowances Purchases Raw Materials REbate Receivable RECOVERY Of LOSE on Inventory QUE to Decline in NAVY Retained Earnings Sales Returns and Allowances Sales REVENUE Unrealized Gain or LOSS