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Home Q & A Board Other Fields Homework Help Business Accounting
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amanam amanam
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5 years ago
A company begins the year with a zero balance in the LIFO Reserve account.  Based on an analysis of LIFO and FIFO, the company determines the LIFO Reserve should be $20,000 at the end of the year? Which journal entry is needed?
A) Debit Cost of Goods Sold for $20,000 and Credit LIFO Reserve for $20,000.
B) Debit LIFO Reserve for $20,000 and Credit Cost of Goods Sold for $20,000.
C) Debit Cost of Goods Sold for $20,000 and Credit Inventory for $20,000.
D) Debit Inventory for $20,000 and Credit Gain on Inventory for $20,000.
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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YonigcaYonigca
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5 years ago
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amanam Author
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Helped a lot
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