What is the journal entry to record a difference between a total inventory cost
ID: 2543114 • Letter: W
Question
What is the journal entry to record a difference between a total inventory cost of $25,000 that, under LCM costing, is valued at $15,000? debit Inventory for $10,000; credit Loss in Inventory Write-Down to Market for $10,000 debit Loss in Inventory Writedown to Market for $10,000; credit Cost of Goods Sold for $10,000 debit Loss in Inventory Write-Down to Market for $10,000; credit Inventory for $10,000 debit Inventory for $10,000; credit Cost of Goods Sold for $10,000 debit Cost of Goods Sold for $10,000; credit Inventory for $10,000
Explanation / Answer
Debit Cost of Goods Sold for $10,000; credit Inventory for $10,000