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Yousuf Company began operations in 2009 and determined its ending inventory at cost and at lower-of-cost-or-market at December 31, 2009, and December 31, 2010. This
Yousuf Company began operations in 2009 and determined its ending inventory at cost and at lower-of-cost-or-market at December 31, 2009, and December 31, 2010. This information is presented below. Cost Lower-of-Cost-or-Market 12/31/09 $ 1,200,000 $ 1,170,000 12/31/10 1,025,000 1,000,000 Assuming that the allowance method is used, the journal entry required at December 31, 2010 includes which of the following:
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