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What would be the journal entries required at December

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Question - Bramble Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below.

 

Cost

Net Realizable Value

12/31/20

$321,280

$295,520

12/31/21

392,090

370,230

What would be the journal entries required at December 31, 2020, and December 31, 2021, considering inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method?

Reference no: EM132431764

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