Coe College Operations And Supply Chain Management Assignment Help - LOCOM Journal Entry

Question - Malone company determined its ending inventory at cost and at lower-of-cost-or-market at Dec
31,2011, 2012, & 2013 as:
Cost LOCOM
12/31/11. $650000. $650000
12/31/12. 780000. 712000
12/31/13. 905000. 830000

A. Prepare the journal entries required at Dec 31, 2012, and at Dec 31,2013, assuming that a
perpetual inventory system and the cost-of-goods-sold method of adjusting to lower-of-cost-market is
used.
B. Prepare the journal entries required at Dec 31, 2012 and at Dec 31, 2013 assuming that a
perpetual inventory is recorded at cost and reduced to lower-of-cost-or-mart using the loss method.

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