When a company uses the perpetual inventory method, which of the following would be the entry to adjust inventory to lower-of-cost-or-market?
A) debit Loss on Inventory and credit Merchandise Inventory
B) debit Merchandise Inventory and credit Inventory Adjustment
C) debit Cost of Goods Sold and credit Merchandise Inventory
D) debit Merchandise Inventory and credit Cost of Goods Sold
C
You might also like to view...
Inventory may become obsolete because of technological advances even though there are no signs of physical wear
a. True b. False Indicate whether the statement is true or false
What is the simplest way to reward people for what they say during a negotiation?
What will be an ideal response?
A firm has fixed operating costs of $525,000. The sales price per unit is $35 and its variable costs per unit is $22.50. The firm's operating breakeven point in units is ________
A) $23,330 B) $32,000 C) $42,000 D) $52,000
When talking about the physical elements of the Internet, the term redundancy refers to:
A) transmitting multiple copies of a single packet to safeguard against data loss. B) the use of tiered high-speed switching computers to connect the backbone to regional and local networks. C) delays in messages caused by the uneven flow of information through the network. D) multiple duplicate devices and paths in a network built so that data can be rerouted if a breakdown occurs.