Metlock Company Determined Its Ending Inventory At Cost And At Lcnrv At December 31 2020 December 31 2021 And Decemb 1 (33.43 KiB) Viewed 5 times
Metlock Company Determined Its Ending Inventory At Cost And At Lcnrv At December 31 2020 December 31 2021 And Decemb 2 (27.41 KiB) Viewed 5 times
Metlock Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below. 12/31/20 12/31/21 12/31/22 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.) Cost NRV $585,500 $585,500 731,000 660,500 834,400 757,300 Date Account Titles and Explanation 12/31/21 12/31/22 Cost of Goods Sold Allowance to Reduce Inventory to NRV Cost of Goods Sold Allowance to Reduce Inventory to NRV Debit Credit
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 O for the amounts.) Date Account Titles and Explanation 12/31/21 12/31/22 Loss Due to Decline of Inventory to NRV Allowance to Reduce Inventory to NRV Loss Due to Decline of Inventory to NRV Allowance to Reduce Inventory to NRV Debit Credit 100
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