Question
The company used the average cost formula to determine that the cost of merchandise inventory at december 31 was $65,000. on December 31, it would have cost $80,000 to replace the merchandise inventory, so the following entry was made
Dr. Merchandise inventory 15000
Cr. Cost of Goods Sold 15000
Dr. Merchandise inventory 15000
Cr. Cost of Goods Sold 15000
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