It is the end of the year and Katerinos Company is applying the lower-of-cost-or-market (LCM)rule to inventory.The company uses the perpetual inventory system and LIFO.Katerinos has provided the following information before any year-end adjustments:
Required: Prepare the required journal entry at year-end
following U.S.GAAP.
Definitions:
Journal
A detailed record of all the financial transactions of a business, which are initially documented before summarizing in the ledger.
Posting
The process of transferring journal entry amounts to ledger accounts in accounting.
Analyze Each Transaction
The process of closely examining financial transactions to ensure they are accurately recorded in the correct accounts.
Journal
A journal is a detailed account that records all the financial transactions of a business, to be used later for classifying and summarizing into financial statements.
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