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What adjusting entry would harris make

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Reference no: EM132882760

Problem - LIFO and Interim Financial Reports - Assume prices were stable during the period. The following values were obtained from the inventory records of Harris Company which has a fiscal year ending on December 31:

Inventory, January 1, 2019, LIFO $80,000

Inventory, March 31, 2019, LIFO 70,000

Required -

1. Under what conditions is Harris's inventory liquidation not reflected in its first-quarter interim financial statements?

2. Assuming that the liquidation is not to be reflected, what adjusting entry would Harris make and how would you determine the amount?

Reference no: EM132882760

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