Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2017,...
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Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2017, December 31, 2018, and December 31, 2019, as shown below. 12/31/17 12/31/18 12/31/19 Cost $650,000 $780,000 $905,000 NRV $660,000 $712,000 $830,000 (a) 1- What is the value of the ending inventory as of December 31 2018? Show computations 2 - What is the value of the ending inventory as of December 31 2019? Show computations (b)Prepare the journal entries required at December 31, 2018 assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used
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