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Vaughn Co . follows the practice of valuing its inventory at the lower - of - cost - or - market. The following information is
Vaughn Co follows the practice of valuing its inventory at the lowerofcostormarket. The following information is available from the company's inventory records as of December Greg Forda is an accounting clerk in the accounting department of Vaughn Co and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant. Calculate the lowerofcostormarket using the individualitem approach. Round answers to decimal places, eg LowerofCostorMarket Per unit basis Item A $ Item B $ Item C $ Item D $ Item E $ eTextbook and Media List of Accounts Show the journal entry he will need to make in order to write down the ending inventory from cost to market. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No entry" for the account titles and enter O for the amounts. Account Titles and Explanation Debit Credit Cost of Goods sold Method: Loss method:
Vaughn Co follows the practice of valuing its inventory at the lowerofcostormarket. The following information is available from the
company's inventory records as of December
Greg Forda is an accounting clerk in the accounting department of Vaughn Co and he cannot understand why the market value keeps
changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is
the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant.
Calculate the lowerofcostormarket using the individualitem approach. Round answers to decimal places, eg
LowerofCostorMarket
Per unit basis
Item A $
Item B $
Item C $
Item D $
Item E $
eTextbook and Media
List of Accounts
Show the journal entry he will need to make in order to write down the ending inventory from cost to market. List all debit entries
before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select No entry" for the account titles and enter O for the amounts.
Account Titles and Explanation
Debit
Credit
Cost of Goods sold Method:
Loss method:
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