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Question - Lower-of-Cost-or-Market-Journal Entries - Corrs Company began operations in 2016 and determined its end- ing inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2016, and December 31, 2017. This information is presented below.
Cost
Lower-of-Cost-or-Market
12/31/16
$356,000
$327,000
12/31/17
420,000
395,000
Required -
(a) Prepare the journal entries required at December 31, 2016, and December 31, 2017, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used.
(b) Prepare journal entries required at December 31, 2016, and December 31, 2017, assuming that the inventory is recorded at market under a perpetual system (loss method is used).
(c) Which of the two methods above provides the higher net income in each year?
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numbers and measurements are the language of business.. organizations look at results expenses quality levels
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