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Prepare the necessary december entry under loss method

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Question - Wildhorse Inc. uses LIFO inventory costing. At January 1, 2017, inventory was $214,439 at both cost and market value. At December 31, 2017, the inventory was $283,974 at cost and $262,600 at market value.

Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method.

Reference no: EM131728334

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