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Prepare the journal entries that are required at december

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Question - Bridgeport Company determined its Ending inventory at cost and at lower of cost and net realizable value at December 31, 2015 , 2016, and 2017, as follows:

 

Cost

Lower of Cost and Net Realizable Value

Dec. 31, 2015

$55,000

$55,000

Dec. 31, 2016

86,000

77,400

Dec. 31, 2017

78,800

69,000

Prepare the journal entries that are required at December 31, 2016 and 2017, assuming that a periodic inventory system and the direct method of adjusting to NRV are used.

Prepare the journal entries that are required at December 31, 2016 and 2017, assuming that a periodic inventory system is used, with inventory recorded at cost and reduced to NRV through the use of an allowance account.

Reference no: EM132234253

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