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The following information is available for Anselmo Corporation's inventories: December 31, 2019; At cost: $585.000 At lower of cost and net realizable value (NRV): 5525,000

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The following information is available for Anselmo Corporation's inventories: December 31, 2019; At cost: $585.000 At lower of cost and net realizable value (NRV): 5525,000 December 31, 2020 Al cost: $780.000 Atlower of cost and net realizable value (NRV): $740,000 Anselmo uses a periodic inventory system and an allowance account to adjust its inventory from cost to the lower of cost and NRV, Anselmo's 2019 journal entry to adjust its inventory from cost to the lower of cost and net realizable value (NRV) will include a debit of 560.000 to London Inventory Due to Decline in NRV O credit of $60.000 tons on Inventory Due to Dedinin debito 560.000 to Allowance to Reducerventory to NV credito 560.000 tonventory

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