A Company's Ending Inventory Is $450,000 Using the Perpetual FIFO

question 126

Essay

A company's ending inventory is $450,000 using the perpetual FIFO inventory costing method. Replacement cost for the ending inventory is $420,000. Prepare the journal entry to adjust inventory.

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Definitions:

Face Value

The nominal or original value stated on a financial instrument, such as a bond or stock certificate, not necessarily its current market value.

Coupon Rate

An annual percentage rate that reflects the interest paid on a bond relative to its face value.

Yield To Maturity

The total return anticipated on a bond if it is held until the date it matures, including interest payments and the gain or loss due to the difference between its purchase price and its face value.

Face Value

The nominal or dollar value of a security stated by the issuer, primarily relevant for bonds and the amount repaid at maturity.