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Under LCNRV, when recording the write-down of an inventory at the individual level by $25,000, what is the required journal entry? Select one: a. Debit
Under LCNRV, when recording the write-down of an inventory at the individual level by $25,000, what is the required journal entry? Select one: a. Debit merchandise inventory $25,000; credit cost of goods sold $25,000 b. Debit loss on sales $25,000; credit merchandise inventory $25,000 c. No entry is required at the individual level d. Debit cost of goods sold $25,000; credit merchandise inventory $25,000
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