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Your company has 100 units in inventory, purchased at $16 per unit. These units have...

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Question

Accounting

Your company has 100 units in inventory, purchased at $16 per unit. These units have a current market value of $14. The entry to write-down the inventory will include a:

debit to Cost of Goods Sold for $1,400.

debit to Inventory for $1,400.

credit to Cost of Goods Sold for $200.

credit to Inventory for $200.

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