Inventory on Balance Sheet - $317,810 Once the company determines the Inventory balance under the...
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Accounting
Inventory on Balance Sheet - $317,810
Once the company determines the Inventory balance under the new method (LIFO), it must consider the need for an inventory write-down. Powell applies the write-down procedure to the inventory as a whole. Information concerning the companys December 31, 2018 inventory follows:
Net realizable value
$339,650
Normal profit margin
67,385
Replacement cost
269,810
Prepare the journal entries to record the omitted
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