The Bradford Company Was Recently Required to Record an Inventory

question 54

Multiple Choice

The Bradford Company was recently required to record an inventory write-down of $5,200 because the market value of its inventory was less than cost.Assuming the amount of the write-down is immaterial,which of the following journal entries would be recorded?

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Definitions:

Independent

Free from outside control; not depending on another's authority or subject to another's influence.

First Ace

The initial occurrence of an ace in a series of card draws or during a specific card-related activity.

Probability

A numerical expression between 0 and 1 that represents the probability of a particular event happening.

Cards

Pieces of heavy paper or thin cardboard, typically rectangular in shape, used for playing a variety of games.