Current Attempt in Progress Your answer is partially correct. Metlock Inc. uses a perpetual...
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Accounting
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Your answer is partially correct.
Metlock Inc. uses a perpetual inventory system. At January inventory was $ at both cost and net realizable value. At December the inventory was $ at cost and $ at net realizable value.
Prepare the entry under a the costofgoodssold method and b the loss method. List all debit entries before credit entries. 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 for the amounts.
No Account Titles and Explanation
a Cost of Goods Sold
Allowance to Reduce Inventory to Market
b Recovery of Loss Due to Impairment
Allowance to Reduce Inventory to Market
Debit
Credit
Answer & Explanation
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