Coe College Operations And Supply Chain Management Assignment Help - LOCOM Journal Entry
Question - Malone company determined its ending inventory at cost and at lower-of-cost-or-market at Dec 31,2011, 2012, & 2013 as: Cost LOCOM 12/31/11. $650000. $650000 12/31/12. 780000. 712000 12/31/13. 905000. 830000 A. Prepare the journal entries required at Dec 31, 2012, and at Dec 31,2013, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to lower-of-cost-market is used. B. Prepare the journal entries required at Dec 31, 2012 and at Dec 31, 2013 assuming that a perpetual inventory is recorded at cost and reduced to lower-of-cost-or-mart using the loss method.
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