When net realizable value is lower than cost, and the loss method applying the lower-of-cost-and-net-realizable approach of recording the write-down is used, what account is credited? O a. Inventory. Ob. Allowance to Reduce Inventory to NRV. O c. A loss account. O d. Cost of Goods Sold.

When net realizable value is lower than cost, and the loss method applying the lower-of-cost-and-net-realizable approach of recording the write-down is used, what account is credited? O a. Inventory. Ob. Allowance to Reduce Inventory to NRV. O c. A loss account. O d. Cost of Goods Sold.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1.7C

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Question

en Final Contabilidad Intermedia 3007 Lunes 24 de mayo de 2021
7
When net realizable value is lower than cost, and the loss method applying the lower-of-cost-and-net-realizable
approach of recording the write-down is used, what account is credited?
der
O a. Inventory.
mo
O b. Allowance to Reduce Inventory to NRV.
O c. A loss account.
O d. Cost of Goods Sold.
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