1 answer

Kingbird Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December...

Question:

Kingbird Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below.

Cost

NRV

12/31/20 $707,100 $707,100
12/31/21 807,500 741,400
12/31/22 850,600 777,300

Collapse question part

(a)

Prepare the journal entries required at December 31, 2021, and at December 31, 2022, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

12/31/21

12/31/22


Answers

| Credit Debit 66,100 $ Date Account Titles and Explanation 12/31/2021 Cost of Goods Sold Allowence to reduce inventory to NR

.

Similar Solved Questions

1 answer
APPLIED THERMODYNAMICS a. Differentiate between the higher and lower heating values of fuels. Explain with the...
APPLIED THERMODYNAMICS a. Differentiate between the higher and lower heating values of fuels. Explain with the aid of an equation. b. Assume steady-flow, no heat transfer, no work, one entrance, and one exit and neglect elevation changes. Show that the stagnation enthalpy is constant throughout ...
1 answer
Can anyone illustrate the T-accounts that would correspond with this post closing trial balance and the...
can anyone illustrate the T-accounts that would correspond with this post closing trial balance and the transactions? The Post-Closing Trial Balance of Salami, Inc. as of December 31, 2011 appears below. READ EACH DESCRIPTION CAREFULLY and record the transaction for its ending impact fo...
1 answer
Programming Assignment 2 – RPN Calculator – Infix to Postfix Conversion and The Evaluations of the Postfix Expression. You are to design and implement and algorithm in Java, to input an Infix expressi...
Programming Assignment 2 – RPN Calculator – Infix to Postfix Conversion and The Evaluations of the Postfix Expression. You are to design and implement and algorithm in Java, to input an Infix expression , convert to a postfix expression and finally evaluate the postfix expression…...
1 answer
6.11 IS THE CURRENT YIELD. You find the following corporate bond quotes. To calculate the number...
6.11 IS THE CURRENT YIELD. You find the following corporate bond quotes. To calculate the number of years until maturity, assume that it is currently January 15, 2016. The bonds have a par value of $2,000. Company (Ticker) Xenon, Inc. (XIC) Kenny Corp. (KCC) Williams Co. (WICO) Coupon 6.400 7.220 ??...
1 answer
Electric utilities companies and coal mines agree to undertake a derivative transaction to reduce their risks....
Electric utilities companies and coal mines agree to undertake a derivative transaction to reduce their risks. They form a good example of ____ Perfect hedge Fair hedge Natural hedge Short hedge An effective strategy for reducing operating costs is ____ Accessing new capital markets Developing...
1 answer
On February 26 a hurricane destroyed the entire inventory stored in a warehouse owned by the...
On February 26 a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockford Corporation. The following information is available from the records of the company’s periodic inventory system: beginning inventory, $255,000; purchases and net sales from the beginning of th...
1 answer
Time ng: 165 minutes Back to Assignment Deadline Today at 11:34 Attempts: Score: /2.5 6. Chapter...
Time ng: 165 minutes Back to Assignment Deadline Today at 11:34 Attempts: Score: /2.5 6. Chapter b Multiple Choice 09-66, Section b Multiple Choice 09-66, Problem b Multiple Choice 09-66 Assume that you are an intern with the Brayton Company, and you have collected the follo ing data. The yeld on th...
1 answer
Can you walk me through your thinking process on how to determine the structure? Thanks in...
Can you walk me through your thinking process on how to determine the structure? Thanks in advance. Propose a structure consistent with the spectra given for this problem: 8. Empirical formula: CoH1oOs LO0 1731 1719 4000 500 AVENUBER 3H triplet, 3H 2H quartet, 2H 10 9 8 7 4 3 2 0...
1 answer
John is a witness to a Civil War battle in which General Thomas Jackson stands “like a stone wall,” holding the line against the Union assault. Which battle is John probably witnessing?
John is a witness to a Civil War battle in which General Thomas Jackson stands “like a stone wall,” holding the line against the Union assault. Which battle is John probably witnessing?...
1 answer
Zayas, LLC, has identified the following two mutually exclusive projects: Year Cash Flow (A) Cash Flow...
Zayas, LLC, has identified the following two mutually exclusive projects: Year Cash Flow (A) Cash Flow (B) 0 −$ 65,000 −$ 65,000 1 41,000 27,500 2 35,000 31,500 3 23,500 37,000 4 15,000 24,500 c. Over what range of discount rates would you choo...
1 answer
Rita Schmidt, 74 years of age, is a female patient who was admitted to the surgical...
Rita Schmidt, 74 years of age, is a female patient who was admitted to the surgical unit after undergoing removal of a section of the colon for colorectal cancer. The patient has a colostomy on her left (descending colon) abdomen. The patient has several small abdominal incisions and a clear dressin...
1 answer
B C С D A 1 Expenses: 2 Wages expense 3 Rent expense 4 Insurance expense...
B C С D A 1 Expenses: 2 Wages expense 3 Rent expense 4 Insurance expense 5 Utilities expense 6 Total expenses 7 $8,000 2,000 800 300 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B5 =SUM(B2:35) =...
1 answer
The cash records and bank statement for the month of July for Glover Incorporated are shown...
The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance July 31, 2021 $6,930 Cash Balance July 1, Cash 2021 + Receipts $6,790 $8,180 Cash Receipts Date Desc. 7/9 Sales 7/21...
1 answer
Respiratory Conditions Explain the following terms and conditions as per the given example. Terminology   Conditions Asthma...
Respiratory Conditions Explain the following terms and conditions as per the given example. Terminology   Conditions Asthma Asthma Inflammatory disease of the airway caused by narrowing of airways and bronchospasm characterised by expiratory wheeze Terminology 18.1) Bronchiectasis 18.2) Br...
1 answer
(15 points) Implement the insertion sort algorithm using C++. Assume data is stored in arr), and...
(15 points) Implement the insertion sort algorithm using C++. Assume data is stored in arr), and the size of the array is n. void insertion Sortint arri], int n)...
1 answer
How much work does it take to raise a #25 kg # weight #14 m #?
How much work does it take to raise a #25 kg # weight #14 m #?...