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D Company began operations in 2018 and determined its ending inventory at cost and at a LCNRV at December 31,2018 and December 31, 2019. This information is presented below.
Cost NRV
12/31/18 520,000 485,000
12/31/19 615,000 585,000
Required
Problem 1. Prepare journal entries required at December 31,2018 and December 31, 2019, assuming that the inventory is recorded at LCNRV, using a perpetual inventory system and the cost of goods sold method.
Problem 2. Prepare journal entries required at December 31,2018 and December 31, 2019, assuming that the inventory is recorded at LCNRV, using a perpetual inventory system and the loss method.
Problem 3. Which of the two methods above provides the higher income in each year ?
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