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Determined the ending inventory at cost

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Reference no: EM132472012

Question : Sweet Company determined its ending inventory at cost and at LCNRV at December 31, 2017, December 31, 2018, and December 31, 2019, as shown below.

                     Cost                  NRV

12/31/17       $650,200           $650,200

12/31/18         778,000          705,000

12/31/19         958,800            878,200

Point 1: the journal entries required at December 31, 2018, and at December 31, 2019, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used of an allowance account. (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.)

Reference no: EM132472012

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