Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 3 table below shows the ending inventory

QUESTION 3 Table below shows the ending inventory of FS Bhd at cost and at...

50.1K

Verified Solution

Question

Accounting

QUESTION 3

Table below shows the ending inventory of FS Bhd at cost and at LCNRV at 31 December 31 2017; 31 December 2018; and 31 December 2019.

Costs (RM)

LCNRV (RM)

31 Dec 2017

325,000

325,000

31 Dec 2018

390,000

356,000

31 Dec 2019

452,500

415,000

REQUIRED:

  1. Prepare the journal entries at 31 December 2018 and at 31 December 2019, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used.

b. Prepare the journal entries required at 31 December 2018 and at 31 December 2019, assuming that a perpetual inventory system and reduced to LCNRV using the loss method.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

In a population of Siberian flying squirrels in western Finland, assume that the the number of...

Physics
1.2K views

An electrical machine dissipates 2.5 kW. All cooling of the unit takes place through one exposed...

Basic Math
1.2K views

A card is drawn from a standard deck of 52 cards. Find the probability that the...

Physics
1.2K views

A cubical block of side 0 5 m floats on water with 30 of its...

Physics
1.2K views

SolveLancer Test A block is tied to a string and placed on a table as...

Physics
1.2K views

Q 16 A current of 2 5 0 05 A flows through a wire and...

Statistics
1.2K views

The probability statement that a student does not complete the exam in 130 minutes was...

Accounting
1.2K views

Vulcan Company's contribution format income statement for June is as follows: Vulcan Company Income Statement...

Accounting
1.2K views

Citing Accounting Standards Codification (FASB). Explain how accounting disclosures for intangibles are similar and different...

Accounting
1.2K views

Grays Company has inventory of 26 units at a cost of $7 each on August...

Accounting
1.2K views

The information that follows relates to equipment owned by Gaurav Limited at December 31, 2020:...

Accounting
1.2K views

The following data are accumulated by Geddes Company in evaluating the purchase of $171,300 of...