(LO 1) (LCNRV–Cost-of-Goods-Sold and Loss) Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below. Cost NRV 12/31/20 $650,000 $650,000 12/31/21 780,000 712,000 12/31/22 905,000 830,000 Instructions a. 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. b. Prepare the journal entries required at December 31, 2021, and at December 31, 2022, a
NOTE: Please do as Part A: Periodic direct method and Part B: Perpetual Allowance methods.
the direction is not the same as text book.
P9.3 (LO 1) (LCNRV–Cost-of-Goods-Sold and Loss) Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below. Cost NRV 12/31/20 $650,000 $650,000 12/31/21 780,000 712,000 12/31/22 905,000 830,000 Instructions a. Prepare the
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