S&C Inc.has the Following LIFO Perpetual Inventory Records

question 51

Multiple Choice

S&C Inc.has the following LIFO perpetual inventory records:

The current replacement cost of the ending inventory is $4,500.To apply the lower-of-cost-or-market rule,the journal entry would be:

• A)Debit Cost of Goods Sold $800,credit Inventory $800
• B)debit Inventory $800,credit Cost of Goods Sold $800
• C)Debit Cost of Goods Sold $500,credit Inventory $500
• D)debit Inventory $500,credit Cost of Goods Sold $500

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Definitions:

Correspondence

Communication by exchanging letters or the similarity and compatibility between two or more things.

Distributive Justice

A concept concerning the fair allocation of resources among diverse members of a community.

Procedural Justice

The fairness of the processes that are used to make decisions, often emphasizing transparency and fair treatment.

Interactive Justice

The perceived fairness of personal treatment and interpersonal interactions within organizational or societal contexts.