Use the Following Information for the Following Questions:
the Following $\$ 585,000$

question 67

Multiple Choice

Use the following information for the following questions:
The following information is available for Anselmo Corporation's inventories:
December 31, 2019:
At cost: $\$ 585,000$
At lower of cost and net realizable value (NRV) : $\$ 525,000$
December 31, 2020:
At cost: $\$780,000$
At lower of cost and net realizable value (NRV) : $740,000 Anselmo uses a periodic inventory system and an allowance account to adjust its inventory from cost to the lower of cost and NRV.
-Anselmo's 2019 journal entry to adjust its inventory from cost to the lower of cost and net realizable value (NRV) will include a

• A) debit of $60,000 to Loss on Inventory Due to Decline in NRV.
• B) credit of $60,000 to Loss on Inventory Due to Decline in NRV.
• C) debit of $60,000 to Allowance to Reduce Inventory to NRV.
• D) credit of $60,000 to Inventory.

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