The following are the inventories for the years 2007, 2008, and 2009 for the Parry Company: Required
Question:
Required
Prepare journal entries to record the lower of cost or market for each of the following alternatives:
1. Allowance method, periodic inventory system
2. Allowance method, perpetual inventory system
3. Direct method, periodic inventory system
4. Direct method, perpetual inventorysystem
Transcribed Image Text:
Market $50,000 60,000 70,000 78,000 Cost anuary 1, 2007 December 31, 2007 December 31, 2008 December 31, 2009 $50,000 64,000 71,000 75,000
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1 2007 a Income Summary 50000 Inventory 50000 To close beginning inventory b Inventory 64000 Income ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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