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The following are the inventories for the years 2 0 1 9 , 2 0 2 0 , and 2 0 2 1 for Parry
The following are the inventories for the years and for Parry Company:
Required:
Assume the inventory that existed at the end of each year was sold in the subsequent year. Prepare journal entries to record the lower of cost
or net realizable value for each of the following alternatives:
a allowance method, periodic inventory system
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