A tire manufacturer has $8,000,000 of inventory recorded at historical cost. After applying lower of...
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Accounting
A tire manufacturer has $8,000,000 of inventory recorded at historical cost. After applying lower of cost and net realizable value (LCNRV), the company will have an inventory write-down of $410,000. The company uses the loss method of reporting this adjustment. Which entry will the company make to account for the decrease in inventory value?
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