Whats the process for the correct answer ? Vandelay Industries sells chairs and uses...
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Accounting
Whats the process for the correct answer ?
Vandelay Industries sells chairs and uses the LIFO inventory system. Below are some facts for Vandelay Industries: No beginning inventories - On April 5 they bought 10 chairs for $90 each - On April 12 they bought 10 chairs for $110 each - On April 19 they sold 10 chairs for $150 each. - The market value of the chairs remaining on April 30 is $85 each. What is the Lower of Cost or Market adjusting entry for April? COGS: 50; Inventory: 50 COGS: 120; Inventory: 120 COGS: 160; Inventory: 160 COGS: 250; Inventory: 250 None of the above
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Whats the process for the correct answer ?