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Whispering Inc. uses a perpetual inventory system. At January 1, 2025, inventory was $556,400 at both cost and net realizable value. At December 31,
Whispering Inc. uses a perpetual inventory system. At January 1, 2025, inventory was $556,400 at both cost and net realizable value. At December 31, 2025, the inventory was $743,600 at cost and $689,000 at net realizable value. Prepare the entry under (a) the cost-of-goods-sold method and (b) the loss method. (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.) No. Account Titles and Explanation Debit Credit (a) Cost of Goods Sold Allowance to Reduce Inventory to NRV (b) Allowance to Reduce Inventory to NRV Cost of Goods Sold 54600 54600 54600 54600
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