A(n) ________ is a situation in which one corporation is absorbed into another corporation and ceases to exist

Responsibility center control means that the firm creates unique control systems for each SBU

Indicate whether the statement is true or false

At the end of the year, Katerinos Company is applying the lower-of-cost-or-market rule to inventory. The company uses the perpetual inventory system. The company has the following data before year-end adjustments:

Cost of Goods Sold $500,000 Ending Inventory (FIFO cost) $120,000 Ending Inventory (Current Replacement Cost) $105,000 Ending Inventory (Net Realizable Value) $115,000 Ending Inventory (Net Realizable Value - Normal Profit) $100,000 Required: 1. Following U.S. GAAP, prepare the required journal entry at year-end. The company uses the direct method when applying the lower-of-cost-or-market rule. 2. Following IFRS, prepare the required journal entry at year-end. The company uses the direct method when applying the lower-of-cost-or-market rule. What will be an ideal response?