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How much sales revenue should be recorded

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Problem 1: A company uses LCNRV and finds that its inventory has a total NRV of $124,000 and a total cost of $137,000. What entry is needed if the loss method of adjustments is used?

Option 1: No entry

Option 2: Dr. Loss due to decline in inventory $13,000; Cr. Allowance to reduce inventory $13,000

Option 3: Dr. Cost of goods sold $13,000; Cr. Inventory $13,000

Option 4: Dr. Loss due to decline in inventory $13,000; Cr. Inventory $13,000

Problem 2: A company is offering a 10% "'trade discount on cleaning products. If a customer purchases $400 of cleaning products. how much sales revenue should be recorded?

Reference no: EM132784667

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