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Prepare a journal entries at year end

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Reference no: EM132487715

Below are the annual inventory counts:

 Year           Cost                       Lower of cost and NRV

Dec 2018   321000                      283250

Dec 2019   385000                      351250

Question 1: Journal entries at year end 2018, 2019 Using periodic inventory system, assuming inventory is recorded directly at the lower of cost and NRV

Question 2: Journal entries at year end 2018, 2019 assuming that the inventory is recorded at cost and an allowance account is adjsuted at each year end under a periodic system

Reference no: EM132487715

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