Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The carter company uses the perpetual inventory system and the Fifo method, At the end of the fiscal year, Dec 31, 2015, the company conducted

The carter company uses the perpetual inventory system and the Fifo method, At the end of the fiscal year, Dec 31, 2015, the company conducted a physical count of the inventory on hand at all warehouses and stores. the fifo cost of the physical count is 1005400 according to the records, ending inventory using fifo is 1122000 which journal entry is required at dec 3,2015?

a) No journal entry is required

b) Debit loss on inventory shortage 116,600 and credit inventory 116,600

c) Debit inventory 116600 and credit allowance to reduce inventory 116600

d) debit COGS 116600 and credit allowance to reduce inventory 116600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services An Integrated Approach

Authors: Alvin A. Arens . Randal J. Elder . Mark S. Beasley

15th Global Edition

0273790005, 978-0273790006

More Books

Students also viewed these Accounting questions