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Sweet Acacia uses LIFO inventory costing. At January 1, 2020, inventory was $334,640 at both cost and market value. At December 31, 2020, the inventory
Sweet Acacia uses LIFO inventory costing. At January 1, 2020, inventory was $334,640 at both cost and market value. At December 31, 2020, the inventory was $425,820 at cost and $400,440 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a)
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