1a) At Dec 31, 2021, Concentric Medical's ending Inventory's general ledger balance shows a raw...
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1a) At Dec 31, 2021, Concentric Medical's ending Inventory's general ledger balance shows a raw material nitinol cost value of $55,000. An analysis of the Inventory's replacement cost total is determined to be $48,000. Concentric also had COGS for 2021 totaling $100,000. Based on this, as of Dec 31, 2021, Concentric Medical will record an adjusting entry and arrive at a final Inventory balance of:
2b) Cost of good sold as adjusted will be
a. Increased to $107,000 with a debit to COGS b. Increased to $148,000 with a credit to COGS
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