Reference no: EM132070327
Question - Monster Company began operations in 2013 and, as presented below, determined its ending inventory at cost and at NRV as of December 31, 2013, December 31, 2014, December 31, 2015.
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Date
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Cost
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Net Realizable Value
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12/31/13
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$356,000
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$349,000
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12/31/14
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336,000
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325,000
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12/31/15
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316,000
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350,000
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a. Prepare the journal entries required at 12/31/2013, 12/31/2014, and 12/31/2015 using a contra-asset account, assuming that the inventory is recorded at LCNRV, under a perpetual inventory system using the cost-of -goods -sold method.
b. Prepare the journal entries required at 12/31/2013, 12/31/2014, and 12/31/2015 using a contra-asset account, assuming that the inventory is recorded at LCNRV, under a perpetual inventory system using the loss method.
c. In each year, which of the two methods above provides the higher net income?
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