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Vaughn Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $210,588 at both cost and market value. At December 31,2020 , the inventory
Vaughn Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $210,588 at both cost and market value. At December 31,2020 , the inventory was $288,023 at cost and $267,630 at market value. Use an allowance account. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (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 0 for the amounts.)
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