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28 Nov 2020
Dover Company began operations in 2017 and determined ending inventory and LCNRV on December 31, 2017, and December 31, 2018. This information is presented below:
Cost NRV
12/31/17 $346,000 $322,000
12/21/18 $410,000 $390,000
a.) entries for 12/31/17 and 12/31/18 assuming that inventory is recorded at LCNRV and a perpetual inv system using cot of goods sold method
b.) entries for 12/31/17 and 12/31/18 assuming LCNRV and a perpetual system using the loss method
c.) which of the two methods provides a higher net income each year?
Dover Company began operations in 2017 and determined ending inventory and LCNRV on December 31, 2017, and December 31, 2018. This information is presented below:
Cost NRV
12/31/17 $346,000 $322,000
12/21/18 $410,000 $390,000
a.) entries for 12/31/17 and 12/31/18 assuming that inventory is recorded at LCNRV and a perpetual inv system using cot of goods sold method
b.) entries for 12/31/17 and 12/31/18 assuming LCNRV and a perpetual system using the loss method
c.) which of the two methods provides a higher net income each year?
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Romarie Khazandra MarijuanLv10
2 Feb 2021