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21 May, 21:00

M. R. Wilson Supplies had merchandise inventory that cost $ 1 comma 900. The market value of the merchandise inventory is $ 1 comma 400. What value should Wilson Supplies show on the balance sheet for merchandise inventory? Record the adjusting entry, if one is needed. What value should Wilson Supplies show on the balance sheet for merchandise inventory? A. $ 1 comma 400 B. $ 1 comma 900 C. $ 500 D. $ 3 comma 300

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  1. 21 May, 21:12
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    M. R. Wilson Supplies had merchandise inventory that cost $ 1 comma 900. The market value of the merchandise inventory is $ 1 comma 400. What value should Wilson Supplies show on the balance sheet for merchandise inventory?

    Merchandise inventory value = $ 1 comma 400. Option A

    Explanation:

    Record the adjusting entry is shown below:

    Debit Credit

    Cost of Goods Sold $1400.00

    Merchandise Inventory $1,400.00

    Inventory is usually valued at lower of cost or market value.

    Merchandise inventory value = $1,400

    Therefore, option A is correct.
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