Business, 21.03.2020 03:44 tinasidell1972

The following are the inventories for the years 2016, 2017, and 2018 for Parry Company: Cost Market January 1, 2016 $50,000 $50,000 December 31, 2016 64,000 60,000 December 31, 2017 71,000 70,000 December 31, 2018 75,000 78,000 Required: 1. Assume the inventory that existed at the end of each year was sold in the subsequent year. Prepare journal entries to record the lower of cost or market for each of the following alternatives. a. allowance method, perpetual inventory system b. direct method, perpetual inventory system

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The following are the inventories for the years 2016, 2017, and 2018 for Parry Company: Cost Market...

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