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April 18, 2014

Homework Help: accounting

Posted by Thara on Sunday, January 30, 2011 at 4:48pm.

identify assumptions and concepts adn correct entries.

The company used the average cost formula to determine that the cost of merchandise inventory at december 31 was $65,000. on December 31, it would have cost $80,000 to replace the merchandise inventory, so the following entry was made:
Merchandise Inventory (DR.) $15,000
Gain on Inventory (CR.) $15,000

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