Cypress Co.has the Following LIFO Perpetual Inventory Records

question 37

Multiple Choice

Cypress Co.has the following LIFO perpetual inventory records:

The current replacement cost of the ending inventory is $5,200.To apply the lower-of-cost-or-market rule,the journal entry would be:

• A)Debit Cost of Goods Sold $750,credit Inventory $750
• B)Debit Inventory $750,credit Cost of Goods Sold $750
• C)Debit Cost of Goods Sold $1,100,credit Inventory $1,100
• D)Debit inventory $1,100,credit Cost of Goods Sold $1,100

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The act or method of determining the size, quantity, or degree of something.

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