QUESTION 3 Table below shows the ending inventory of FS Bhd at cost and at...
70.2K
Verified Solution
Link Copied!
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:
- 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.
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.