On November a firm enters into a commitment to purchase $ of inventory on March The net realizable value of inventory on fiscal yearend is $ On March the firm settles the contract by purchasing all required inventory. On March the net realizable value of the inventory is $ The entry recorded on March assume perpetual inventory system:
Group of answer choices
Reduces total assets, liabilities, and stockholders equity
Increases and decreases assets by same amount, liabilities and stockholders equity are unaffected
Reduces total assets and liabilities, stockholders equity is unaffected
Reduces total assets and stockholders equity, liabilities are unaffected
Reduces liabilities and stockholders equity, total assets are unaffected
