Intermediate Accounting 105 Please help with the (b) section of this problem. Thank you (b)-Your answer is partially correct.Prepare the journal entries required at December 31, 2026, and at December 31, 2027, assuming that a perpetual inventory isrecorded at cost and reduced to LCNRV using the loss method. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles andenter o for the amounts. Record journal entries in the order presented in the problem.)Date12/31/2612/31/27Account Titles and ExplanationAllowance to Reduce Inventory to NRVInventoryAllowance to Reduce Inventory to NRVInventoryDebit7140077800Credit714778 Pronghorn Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, andDecember 31, 2027, as shown below.12/31/26Cost12/31/25 $691,400 $691,40012/31/27755,300NRV954,100683,900876,300

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Description: Intermediate Accounting 105 Please help with the (b) section of this problem. Thank you (b)-Your answer is partially correct.Prepare the journal entries required at December 31, 2026, and at December 31, 2027, assuming that a perpetual inventory isre

Net Realizable Value (NRV) is a term used in accounting to refer to the estimated selling price of…

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Accounting

Pronghorn Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, and December 31, 2027, as shown below. 12/31/26 Cost 12/31/25 $691,400 $691,400 12/31/27 755,300 NRV 954,100 683,900 876,300

Pronghorn Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, and December 31, 2027, as shown below. 12/31/26 Cost 12/31/25 $691,400 $691,400 12/31/27 755,300 NRV 954,100 683,900 876,300

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200
On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.
Buffalo Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, and December 31. 2027, as shown below. NRV Cost 12/31/25 $671.800 $671.800 12/31/26 825,200 12/31/27 976.300 763.400 907,000
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