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Using a periodic inventory system, Bertram Company records inventory at lower of cost or NRV...

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Accounting

Using a periodic inventory system, Bertram Company records inventory at lower of cost or NRV using the allowance method. The end-of-the-year journal entries to adjust inventories would include

a. a credit to Allowance to Reduce Inventory for the excess of market over cost value.

b. a debit to Inventory to close ending inventory at market value.

c. a debit to Inventory to close beginning inventory at cost value.

d. a debit to Loss Due to Write-Down of Inventory for the excess of cost over market value.

.

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