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Business, 16.04.2020 21:58 ana9340

Bonita Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $214,532 at both cost and market value. At December 31, 2020, the inventory was $289,964 at cost and $262,440 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method.

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Bonita Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $214,532 at both cost and...
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