Question
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): $525,000
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): $525,000
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
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Payroll Accounting 20
Authors: Bernard J. Bieg, Judith A. Toland
26th Edition
1337268798, 9781337268790
