Asked by Thara
identify assumptions and concepts and correct entries.
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:
Merchandise Inventory (DR.) $15,000
Gain on Inventory (CR.) $15,000
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:
Merchandise Inventory (DR.) $15,000
Gain on Inventory (CR.) $15,000
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