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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
Sandra, Inc. had 200 units of inventory on hand at the end of the year. These were recorded at a cost of $15 each using the last-in, first-out (LIFO) method. The current replacement cost is $11 per unit. The selling price charged by Sandra, Inc. for each finished product is $18. In order to record the adjusting entry needed under the lower-of-cost-or-market rule, the Cost of Goods Sold will be ________.
A) debited by $2,200
B) credited by $800
C) debited by $800
D) credited by $2,200
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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7 years ago
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H3Ko Author
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#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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#3
7 years ago
I'm liking this Slight Smile
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