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Prepare the required journal entries for december

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Question - Smith Corp determines the Ending Inventory he has on Cost and LONRV values like data following:

Year End

Cost

LCNRV

31-Dec-19

$650,000

$650,000

31-Dec-20

$780,000

$712,000

31-Dec-21

$905,000

$830,000

Required -

1. Prepare the required journal entries for December 31, 2020 and December 31, 2021, Assume that Smith Corp uses the Perpetual recording method and the Cost of method Goods Sold for Cost adjustment to LCNRV.

2. Prepare the required journal entries for December 31, 2020 and December 31, 2021, Assume Smith Corp uses the Perpetual recording method and the Loss method to Cost adjustment to LCNRV.

Reference no: EM133134249

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