What amount should the company report merchandise inventory

Assignment Help Financial Accounting

Reference no: EM133379949

Case: Some of E and S Electronics' merchandise is gathering dust. It is now December 31?, 2024?,

and the current replacement cost of the ending merchandise inventory is $30,000 below the? business's cost of the? goods, which was $104,000. Before any adjustments at the end of the? period, the? company's Cost of Goods Sold account has a balance of $405,000.

Part 1

Requirement 1. Journalize any required entries.? (Record debits? first, then credits. Select the explanation on the last line of the journal entry table. For situations that do not require an? entry, make sure to select? "No Entry? Required" in the first cell in the? "Accounts" column and leave all other cells? blank.)

Requirement 2. At what amount should the company report merchandise inventory on the balance? sheet?

Requirement 3. At what amount should the company report cost of goods sold on the income? statement?

Requirement 4. Which accounting principle or concept is most relevant to this? situation?

Reference no: EM133379949

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