Brief Exercise 9-5 Flint Inc. uses LIFO inventory costing. At January 1, 2017, i

Question

Brief Exercise 9-5 Flint Inc. uses LIFO inventory costing. At January 1, 2017, inventory was $213,871 at both cost and market value. At December 31, 2017, the inventory was $287,997 at cost and $268,610 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (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 O for the amounts.) No. Account Titles and Explanation Debit Credit

Explanation / Answer

31-Dec Cost of goods sold 19387 (287997-268610)                 Inventory 19387 31-Dec Loss due to decline in inventory 19387 (287997-268610)               Allowance to reduce inventory to market 19387

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