3. Trump Incorporated reported the following data for the year 2019, 2020 and 2021 2019 2020 2021 Beginning Inventory at Cost Beginning Inventory at NRV Ending Inventory at Cost Ending Inventory at NRV 420,000 ? ? ? ? 585,000 560,000 ? 590,000 ? 1,500,000 1,680,000 1,620,000 18,000 Purchases Loss on inventory write-down Cost of sale before inventory write-down Trump uses the allowance method in accounting for inventory write-down. ? ? ? 1,700,000 At end of the year 2018, the Allowance for inventory write-down has a balance of 30,000. On 2021, the cost of sales after considering loss on inventory write-down amounts to 1,590,000. Determine the balance of allowance for inventory write-down after adjusting entries on 2020 a. None of these b. 48,000 c. 12,000 d. 18,000 e 50 000
3. Trump Incorporated reported the following data for the year 2019, 2020 and 2021 2019 2020 2021 Beginning Inventory at Cost Beginning Inventory at NRV Ending Inventory at Cost Ending Inventory at NRV 420,000 ? ? ? ? 585,000 560,000 ? 590,000 ? 1,500,000 1,680,000 1,620,000 18,000 Purchases Loss on inventory write-down Cost of sale before inventory write-down Trump uses the allowance method in accounting for inventory write-down. ? ? ? 1,700,000 At end of the year 2018, the Allowance for inventory write-down has a balance of 30,000. On 2021, the cost of sales after considering loss on inventory write-down amounts to 1,590,000. Determine the balance of allowance for inventory write-down after adjusting entries on 2020 a. None of these b. 48,000 c. 12,000 d. 18,000 e 50 000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 15P: (Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and...
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