Return to Blackboard Kieso, Intermediate Accounting, 16e Help | System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 9-4 Your answer is partially correct. Try again ts ending inventory at cost and at LCNRV at December 31, 2017, and December 31, 2018. This information is presented below. Net Realizable Value $326,220 421,780 Cost 12/31/17 12/31/18 $348,040 439,900 December 31, 2018, assuming inventory is r (a) Prepare the journal entries required at December 31, 2017, and goods-sold method. (Credit account titles account titles and enter 0 for the amounts.) ecorded at LCNRV and a perpetual inventory system using the cost-of- select "No entry" for the are automatically indented when amount is entered. Do not indent manually. If no entry is required, Date Account Titles and Explanation Debit Credit 12/31/1Cost of Goods Sold 21,820 Loss Due to Market Decline of Inventory 21,820 12/31/18 Cost of Goods Sold 18,120 Inventory 18,120 entries required at December 3, 2017, and December 31, 2018, assuming inventory is recorded at cost and a perpetual system using Recovery of Loss Inventory account.) (Credit accalint titles are automatically in "No entry" for the account titles and enter 0 for the amounts.) n amount is entered. Do not indent manually. If no entry is required, select Date Account Titles and Explanation Debit Credit 12/31/17 |Loss Due to Decline of inventory to NRV 21,820 Allowance to Reduce Inventory to NRV 21,820 12/31/18 Loss Due to Decline of Inventory to NRV 18,120 re to search 10:23 AM 116/20182