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Prepare the required journal entries for december

    Assignment Instructions

    Assignment ID: FG133134249

    Question – Smith Corp determines the Ending Inventory he has on Cost and LONRV values like data following:

    Year End

    Cost

    LCNRV

    31-Dec-19

    $650,000

    $650,000

    31-Dec-20

    $780,000

    $712,000

    31-Dec-21

    $905,000

    $830,000

    Required –

    1. Prepare the required journal entries for December 31, 2020 and December 31, 2021, Assume that Smith Corp uses the Perpetual recording method and the Cost of method Goods Sold for Cost adjustment to LCNRV.

    2. Prepare the required journal entries for December 31, 2020 and December 31, 2021, Assume Smith Corp uses the Perpetual recording method and the Loss method to Cost adjustment to LCNRV.

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