Blossom Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below. Cost Net Realizable Value 12/31/20 $379,880 $355,230 12/31/21 445,440 424,430 (a) Prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Blossom Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which industry was hardest hit by the recession?
Answers (1)
Bay Manufacturing Co. purchased a 3-month U. S. Treasury bill. In preparing Bay's statement of cash flows, this purchase would:A. have no effect. B. be treated as an outflow from financing activities. C.
Answers (1)
What is the difference between wealth (also called net worth, or equity) and income?
Answers (1)
New School Inc. expects an EBIT of $7,000 every year forever. The firm currently has no debt, and its cost of equity is 15 percent. The firm can borrow at 8 percent and the corporate tax rate is 34 percent.
Answers (1)
If the liabilities of a business increased $83,000 during a period of time and the stockholders' equity in the business decreased $34,000 during the same period, the assets of the business must have:
Answers (1)
New Questions in Business
In which year were tobacco commercials banned from network television in the united states?
No Answers
Maggie's manager notices that she exhibits an external locus of control when she speaks about her work. Her manager should Group of answer choices a. direct Maggie toward a job with more autonomy. b.
Answers (1)
Consider this argument: "The kidnappers have taken eight people hostage and are holding them at a farmhouse just outside town. If the SWAT team assaults the farmhouse, the hostages could be killed.
Answers (1)
Rent seeking is an attempt to A. use the government for individual benefit at the expense of others. Regulatory capture is an example of this, where a regulatory agency makes decisions benefiting the firm being regulated. B.
Answers (1)
An Insurance company is a business in which it pays to the company if there is a loss, damage, treatments or injury for the payment of premium amount. It calculates the risks that has occurred and pays to compensate the premium amount.
Answers (1)