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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
Robyn's Retail had 400 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 $13 per unit. The selling price charged by Robyn's Retail for each finished product is $22. In order to record the adjusting entry needed under the lower-of-cost-or-market rule, the Merchandise Inventory will be ________.
A) credited by $5,200
B) credited by $800
C) debited by $800
D) debited by $5,200
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
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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#3
7 years ago
Happy to help Smiling Face with Open Mouth
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