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csaxton csaxton
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5 years ago
The Peggy Ahlers Company uses the perpetual inventory system and the FIFO method.  At the end of the fiscal year, December 31, 2015, the company conducted a physical count of the inventory on hand at all warehouses and stores.  The FIFO cost of the physical count is $1,005,400.  According to the records, ending inventory using FIFO is $1,122,000.  Which journal entry is required at December 31, 2015?
A) No journal entry is required.
B) Debit Inventory $116,600 and credit Allowance to Reduce Inventory $116,600.
C) Debit Cost of Goods Sold $116,600 and credit Allowance to Reduce Inventory $116,600.
D) Debit Loss on Inventory Shortage $116,600 and credit Inventory $116,600.
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Intermediate Accounting

Intermediate Accounting


Edition: 1st
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lmunizlmuniz
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csaxton Author
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5 years ago
My teacher is very rude and likes to speed his way through a lesson without letting the class ask questions. Thank you for helping me. You're a life saver Slight Smile
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