It is the end of the year and Credit Company is applying the lower-of-cost-or-market (LCM) rule to inventory. The company has obtained the following information before any year-end adjustments:
Required:
1. Journalize any required entry.
2. Indicate what the company will report for ending inventory and cost of goods sold and the financial statements where these accounts will appear.
Definitions:
Farm Tools
Implements and machinery designed for agricultural purposes to facilitate farm work.
Public Safety
The welfare and protection of the general public, typically assured by government services like police, fire departments, and emergency medical services.
Pacific Coastline
The western boundary of the United States and Canada facing the Pacific Ocean, known for its diverse ecosystems and scenic beauty.
Tsunamis
Large, often destructive sea waves caused by underwater earthquakes, volcanic eruptions, or landslides.
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