The ending inventory of a company was $552,000 as per the perpetual inventory records. The current replacement cost for the ending inventory is $547,000. Prepare the journal entry to adjust inventory
What will be an ideal response
Cost of Goods Sold 5,000
Merchandise Inventory 5,000
Note:
Amount written down = $552,000 - $547,000 = $5,000
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When the U.S. dollar declines against European currencies, it is
A. potentially harmful for European banks only. B. potentially harmful for U.S. banks only. C. potentially harmful for those banks that have financed U.S. dollar assets with liabilities denominated in European currencies. D. potentially harmful for those banks that have financed European currency assets with U.S. dollar liabilities. E. irrelevant for global banks.
Which of the following is collected as a percentage of the retail sales of a product, by the retailer, and forwarded in the State of Equalization?
a. Income tax b. Sales tax c. State tax d. Retail property tax