Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. your company has 100 units in inventory, purchased

Your company has 100 units in inventory, purchased at $16 per unit. These units have...

70.2K

Verified Solution

Question

Accounting

Your company has 100 units in inventory, purchased at $16 per unit. These units have a current market value of $14. The entry to write-down the inventory will include a:

debit to Cost of Goods Sold for $1,400.

debit to Inventory for $1,400.

credit to Cost of Goods Sold for $200.

credit to Inventory for $200.

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

General Management
1.2K views

3 paragraphs on Traditional Business versus e-Commerce

General Management
1.2K views

Has adidas created a niche market by differentiating its products? 1500 words minimum.

Physics
1.2K views

A block of mass M is attached b the lower end of a vertical spring...

Geometry
1.2K views

Find the volume of a rectangular prism that has the dimensions 8 cm x 5cm...

Basic Math
1.2K views

Given f(x) = 32x-3 +1 and g(x) = 4x, what is the x value(s) where...

Algebra
1.2K views

The table shows the number of books read by students over the summer and their...

Algebra
1.2K views

Distributive Property 8 A B Question from 0 2 The Real Numbers Find the indicated...

Algebra
1.2K views

ble and atable Likelihood becoming a actual liability Reasonably possible or probable but not estimatable...

Algebra
1.2K views

A Igebra 1 2 9 6 y x 3

Accounting
1.2K views

QS C-15 Equity method transactions LO P5 Rowan Co. purchases 100 common shares (40%) of...

Accounting
1.2K views

E9-5 Hinshaw Company purchased a new machine on October 1,2014 , at a cost of...

Accounting
1.2K views

Lower-of-Cost-or-Market (LCM) Method The following data refer to the Flemming Companys ending inventory: Item Code...