Monty Enterprises Ltd's records reported an inventory cost of $55,800 and a net realizable value...
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Monty Enterprises Ltd's records reported an inventory cost of $55,800 and a net realizable value of $53,600 at December 31, 2018. At December 31, 2019, the records indicated a cost of $69,500 and a net realizable value of $60,900. All opening inventory had been sold during the year. (a) Assuming that Monty Enterprises uses a perpetual inventory system, prepare the December 31, 2019 entry that is needed under the direct method and the indirect method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Debit Credit Account Titles and Explanation Direct method December 31, 2019 Indirect method December 31, 2019
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