Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer all of b, will thumbs up!! Flint Company determined its ending inventory at cost and at LCNRV at December 31,2020, December 31, 2021,
Please answer all of b, will thumbs up!!
Flint Company determined its ending inventory at cost and at LCNRV at December 31,2020, December 31, 2021, and December 31 2022, as shown below. (a) Your answer is correct. Prepare the journal entries required at December 31,2021 , and at December 31,2022 , assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used. (Credit account titles are outomatically indented when 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.) Prepare the journal entries required at December 31, 2021, and at December 31,2022 , assuming that a perpetual inventory is recorded at cost and reduced to LCNRV using the loss 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 O for the amounts.) Attempts: 2 of 3 used Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started