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Prepare the journal entries that are required at december

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Reference no: EM132487317

Milford Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2018, 2019, and 2020, as follows:

                                Cost            Lower of Cost and Net Realizable Value

Dec. 31, 2018   $60,000             $60,000

Dec. 31, 2019    79,000                 74,500

Dec. 31, 2020 78,800                   69,000

Instructions

Question a. Prepare the journal entries that are required at December 31, 2019 and 2020, assuming that a periodic inventory system and the direct method of adjusting to NRV are used.

Question b. Prepare the journal entries that are required at December 31, 2019 and 2020, 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: EM132487317

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