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Prepare journal entries required at December

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Question - Lower-of-Cost-or-Market-Journal Entries - Corrs Company began operations in 2016 and determined its end- ing inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2016, and December 31, 2017. This information is presented below.

 

Cost

Lower-of-Cost-or-Market

12/31/16

$356,000

$327,000

12/31/17

420,000

395,000

Required -

(a) Prepare the journal entries required at December 31, 2016, and December 31, 2017, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used.

(b) Prepare journal entries required at December 31, 2016, and December 31, 2017, assuming that the inventory is recorded at market under a perpetual system (loss method is used).

(c) Which of the two methods above provides the higher net income in each year?

Reference no: EM133164366

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