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Coronado Company began operations in 2024 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2024, and December 31, 2025. This information is presented below. Lower-of-Cost-or-Market Cost 12/31/24 $374,700 12/31/25 405,580 (a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Cost of Goods Sold 12/31/24 $354,600 389,640 Invento Debit 20100 Credit

Coronado Company began operations in 2024 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2024, and December 31, 2025. This information is presented below. Lower-of-Cost-or-Market Cost 12/31/24 $374,700 12/31/25 405,580 (a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Cost of Goods Sold 12/31/24 $354,600 389,640 Invento Debit 20100 Credit

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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(b) Prepare journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market under a perpetual system (loss method is used). (List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.) Date 12/31/24 12/31/25 Account Titles and Explanation Loss Due to Market Decline of Inventory Inventory Allowance to Reduce Inventory to Market Recovery of Loss Due to Market Decline of Inventory Debit 20100 Credit 20100
Transcribed Image Text:(b) Prepare journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market under a perpetual system (loss method is used). (List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.) Date 12/31/24 12/31/25 Account Titles and Explanation Loss Due to Market Decline of Inventory Inventory Allowance to Reduce Inventory to Market Recovery of Loss Due to Market Decline of Inventory Debit 20100 Credit 20100
Coronado Company began operations in 2024 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2024, and December 31, 2025. This information is presented below. Cost 12/31/24 $374.700 12/31/25 Date 12/31/24 405,580 (a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Cost of Goods Sold 12/31/25 Lower-of-Cost-or-Market Inventory: $354,600 389,640 Cost of Goods Sold Debit 20100 15940 Credit 20100
Transcribed Image Text:Coronado Company began operations in 2024 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2024, and December 31, 2025. This information is presented below. Cost 12/31/24 $374.700 12/31/25 Date 12/31/24 405,580 (a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Cost of Goods Sold 12/31/25 Lower-of-Cost-or-Market Inventory: $354,600 389,640 Cost of Goods Sold Debit 20100 15940 Credit 20100
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