Bramble Company determined its ending imventory at cost and at LCNRV at December 31. 2020. December 31. 2021. and December 31, 2022. as shown below. Cost NRV 12/31/20 S667,900 $667,900 12/31/21 724,700 661.500 12/31/22 816,400 745.900 Prepare the journal entries required at December 31. 2021. and at December 31, 2022, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used. (Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/21 12/31/22 List of Accounts Prepare the journal entries required at December 31. 2021, and at December 31, 2022, assuming that a perpetual inventory is recorded at cost and reduced to LCNRV using the loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts) Date Account Titles and Explanation Debit Credit 12/31/21 12/31/22 List of Accounts

Bramble Company determined its ending imventory at cost and at LCNRV at December 31. 2020. December 31. 2021. and December 31, 2022. as shown below. Cost NRV 12/31/20 S667,900 $667,900 12/31/21 724,700 661.500 12/31/22 816,400 745.900 Prepare the journal entries required at December 31. 2021. and at December 31, 2022, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used. (Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/21 12/31/22 List of Accounts Prepare the journal entries required at December 31. 2021, and at December 31, 2022, assuming that a perpetual inventory is recorded at cost and reduced to LCNRV using the loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts) Date Account Titles and Explanation Debit Credit 12/31/21 12/31/22 List of Accounts

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 36P

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Similar questions

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Blossom Construction Company uses the percentage-of-completion method of accounting. In 2021, Blossom began work on a contract it had received which provided for a contract price of $47500000. Other details follow: 2021 Costs incurred during the year $22000000 Estimated costs to complete as of December 31 16000000 Billings during the year 21500000 Collections during the year 10500000 What should be the gross profit recognized in 2021?
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In the year 2020, Olive Construction Corporation began its work on a contract for $3,700,000. Other details follow:Costs incurred during the year= $1,800,000Estimated costs to complete as of December 31= 1,200,000Billings during the year=1,650,000Collections during the year= 975,000 It uses the percentage-of-completion method. For calendar 2020, Olive should report gross profit of?
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