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Clear Filter Clipboarod Font Alignment Number Styles Cells Editing 14 39 40 41 ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking a complete 42 physical inventory at year-end. A physical count was taken on December 31, 2016, and the inventory on-hand at 43 that time totaled $55,000, which reflects historical cost. Record the adjusting entry for properly recognizing 44 2016 Cost of Goods Sold. 45 46 47 Additionally, ABC adheres to GAA 48 A review of inventory data further indicated that the current retail sales value of the ending in 49 completion and shipping is 10% of retail Be sure to make an additional adjustment, if necessary, to Proper! 50 using the Loss and Allowance methodology. For Income Statement presentation p 51 for adjustments of inventory to market value. P by recording ending inventory at the lower of cost and net realizable value at a total inventory level ng inventory at the lower of cost and net realizable value at a total inventory level. ventory is S50,000 and estimated costs of al adjustment, if necessary, to properly value ending inventory llowance methodology. For Income Statement presentation purposes, be sure to use the Loss Method for accounting 12-31-16 T-Accounts Adjusted Trial Balance Income Statement Adjusting Journal Entries 150% Adjustments Needed structions Unadjusted Trial Balance Adjustments Needed Adjusting Journal En Unadjusted Trial Balance 9-50 AM 1fde) 7/23/2017 Search the web and Windows