Assume That the Replacement Did Not Happen in November

question 54

Multiple Choice

Assume that the replacement did not happen in November.In December,the company decided not to replace any of the 1,500 units.The entry required on December 31 to eliminate valuation accounts related to the inventory that will not be replaced will include:

• A)a debit to Excess of Replacement Cost over LIFO Cost of Inventory Liquidation for $22,500.
• B)a credit to Cost of Goods Sold for $15,000.
• C)a debit to Inventory for $70,000.
• D)a debit to Inventory for $15,000.

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Definitions:

Bones

The rigid organs that form part of the vertebrate skeleton, supporting and protecting various parts of the body and producing red and white blood cells.

Circulatory System

The body's network responsible for the movement of blood and lymph, including the heart, blood vessels, and blood, crucial for supplying nutrients and oxygen to tissues.

Low Birth Weight

A term used when a newborn weighs less than 2,500 grams (5 pounds, 8 ounces) at birth.

Gestational Age

The age of an embryo or fetus (or newborn) which is usually measured from the first day of the mother's last menstrual period.