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Which journal entry is required under US GAAP

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Question - Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $610,000. The current replacement cost of the inventory is $598,000. The net realizable value is $670,000. The company uses LIFO. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $930,000. Which journal entry is required under U.S. GAAP?

Reference no: EM132918863

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