ACCT 2101-Brooks Company carries three inventory items.

by | Mar 18, 2020 | Uncategorized

  
Brooks Company carries three inventory items. The following information pertains to the ending inventory:
Item Quantity Unit
Cost		 Unit
Market Value
A 220 $ 12 $ 11
F 245 17 16
K 174 5 8

Required
a.

Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items.

Ending inventory: ????

Journal Entry Worksheet

  • Record entry for cost of goods sold: ????
Event General Journal Debit Credit
1

*Enter debits before credits

  

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