The Picture Store Has an Ending Inventory of $832,500

question 165

Essay

The Picture Store has an ending inventory of $832,500. The current replacement cost of the inventory is $833,000. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $1,508,200.
Required:
1. What journal entry if any, should The Picture Store make?
2. At what amount should The Picture Store report inventory on its balance sheet?
3. At what amount should The Picture Store report cost of goods sold on the income statement?
4. What accounting principle is most relevant to this situation?

Understand examples and types of incremental and radical changes within organizations.

Describe the role of HR metrics and evaluation in organizational performance.

Explain the significance of continuous learning and support for organizational change.

Understand the distinction between self-concept and self-esteem.