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Hot Pepper Company had the following information in its accounting records at year end: Inventory...

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Accounting

Hot Pepper Company had the following information in its accounting records at year end: Inventory Cost $4,000,000 It estimates the net realizable value of this inventory is $3,500,000. As a result of this information Hot Pepper Co. would:

Multiple Choice

  • Make a journal entry debiting the allowance for inventory valuation for $500,000

  • Make a journal entry debiting a gain on market appreciation for $500,000

  • Make a journal entry crediting the allowance for inventory valuation for $500,000

  • Make no entry

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