Question 2 Dover plc began operations in 2022 and determined its ending inventory at cost...
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Question 2 Dover plc began operations in 2022 and determined its ending inventory at cost and at NRV at December 31,2022 , and December 31,2023 . This information is presented below. Required: a. Prepare the journal entries required at December 31, 2022, and December 31, 2023, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. b. Prepare journal entries required at December 31, 2022, and December 31, 2023, assuming inventory is recorded at cost with a perpetual system. Use the loss method to record any LCNRV. c. Which of the two methods above provides the higher net income in each year
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