Question
Plant Company began operations in 2016 and determined its ending inventory at cost and at lower-of-LIFO-cost-or-market at December 31, 2016, and December 31, 2017. This
Plant Company began operations in 2016 and determined its ending inventory at cost and at lower-of-LIFO-cost-or-market at December 31, 2016, and December 31, 2017. This information is presented below.
| Cost | Lower of cost or Market | |
| December 31, 2016 | $87,000 | $71,000 |
| December 31, 2017 | $100,000 | $98,000 |
| December 31, 2018 | $97,000 | $97,000 |
Prepare the journal entries assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used.
12/31/16
12/31/17
12/31/18
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Bookkeeping And Accounting
Authors: Greg Shields
1st Edition
1983673536, 978-1983673535
