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Author Question: Archer Corp. has the following LIFO perpetual inventory records:DatePurchasesCost of Goods ... (Read 599 times)

darbym82

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on: Feb 18, 2020
Archer Corp. has the following LIFO perpetual inventory records:

DatePurchasesCost of Goods SoldInventory on Hand
December 1​​$4,150​
December 7$1,500​​$5,650​
December 18​$1,200​$4,450​
December 31$1,400​​$5,850​
The current replacement cost of the ending inventory is $3,800. To apply the lower-of-cost-or-market rule, the journal entry would be:

◦ Debit Inventory $2,050, credit Cost of Goods Sold $2,050,
◦ Debit Cost of Goods Sold $2,050, credit Inventory $2,050,
◦ Debit inventory $1,200, credit Cost of Goods Sold $1,200
◦ Debit Cost of Goods Sold $1,200, credit Inventory $1,200
Financial Accounting ¦ Kemp, Waybright ¦ 5th Edition
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Marked as best answer by darbym82 on Feb 18, 2020

DylanD1323

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Reply #1 on: Feb 18, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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