Multiple Choice
When a company uses the perpetual inventory method, which of the following would be the entry to adjust inventory to lower-of-cost-or-market?
A) Debit Purchases and credit Merchandise Inventory
B) Debit Inventory and credit Purchases
C) Debit Cost of Goods Sold and credit Merchandise Inventory
D) Debit Inventory and credit Cost of Goods Sold
Correct Answer:
Verified
Correct Answer:
Verified
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