Ibri company has an Inventory of RO 68,000 and RO 134,000 of Cost of goods sold in its unadjusted trial balance during the year 2018. The physical inventory count came to RO 61,000. What is the adjusting journal entry to be used to record the above? а. Merchandise inventory RO 61,000 Dr/ Cost of goods sold RO 61,000 Cr b. Cost of goods sold RO 7,000 Dr / Merchandise inventory RO 7,000 Cr С. Merchandise inventory RO 7,000 Dr/ Cost of goods sold RO 7,000 Cr d.

Ibri company has an Inventory of RO 68,000 and RO 134,000 of Cost of goods sold in its unadjusted trial balance during the year 2018. The physical inventory count came to RO 61,000. What is the adjusting journal entry to be used to record the above? а. Merchandise inventory RO 61,000 Dr/ Cost of goods sold RO 61,000 Cr b. Cost of goods sold RO 7,000 Dr / Merchandise inventory RO 7,000 Cr С. Merchandise inventory RO 7,000 Dr/ Cost of goods sold RO 7,000 Cr d.

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....

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