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Prepare journal entries required at December

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Question - Coronado Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below.

Cost Net Realizable Value

12/31/20 $356,040 $331,940

12/31/21 427,030 407,300

Required -

Prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method.

Prepare journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual system using the loss method.

Reference no: EM132751515

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