Tools a Window Help Excel Fleet Viewert Format - Home Inst D Page Forms -- . Comas V 3 $.99 8.0.4 Once Update to the checko we A B D E G H 1 39 40 41 42 43 44 45 46 47 48 49 6 ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking a complete physical inventory at year-end. A physical count was taken on December 31, 20X1, and the inventory on-hand at that time totaled $75,000, which reflects historical cost. Record the 2014 Cost of Goods Sold and the 12/31/X1 Inventory adjustment. Additionally, ABC adheres to GAAP by recording ending inventory at the lower of cost and net realizable valse at a total inventory level. A review of inventory data further indicated that the current retail sales value of the ending inventory is $110.000 and estimated costs of completion and shipping is 15% of retail. Be sure to make an additional adjustment, if necessary, to properly value ending inventory using the Loss and Allowince methodology. For Income Statement presentation purposes, be sure to use the Loss Method for accounting for adjustments of inventory to market value. 50 51 52 53 Aa W 13 D B 2 Unadjusted Trial Balance 3 December 31, 20X1 4 5 Debit Credit 6 Cash $ 945,282 7 Short term investments 167,000 8 Fair value adjustment (Trading) 9 Accounts receivable 190,300 10 Allowance for doubtful accounts $ 11 Inventory 12 Purchases 350,000 13 Prepaid insurance 24,600 14 LT (Debt) investments (HTM) 177,824 15 Land 75,000 16 Building 150,000 17 Accumulated depreciation building 4,000 18 Equipment 60,000 19 Accumulated depreciation equipment 20,000 20 Patent 37,500 21 Accounts payable 75,240 22 Notes payable 235,000 23 Income taxes payable 63,800 24 Uncanned rent revenue 36,000 25 Bonds Payable 800,000 26 Premium on Bonds Payable 61,771 27 Common stock 86,000 28 PIC In Excess of Par-Common Stock 13,000 29 Retained earnings 30 Treasury stock 49,000 31 Dividends 41,000 32 Sales Revenue 1.162.995 33 Advertising expense 8,400 34 Ware expense 67,600 35 Office expense 21,700 36 Amortization expense 37 Depreciation expense 24,000 38 Utilities expense 31,000 39 Insurance expense 73,800 40 Income taxes espens GO 5 2,557,8065 2,557,806 42 45