accounting

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identify assumptions and concepts and 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

  • accounting -

    Please try your later post, which I saw first.

    Sra

  • accounting -

    Thank u Sra^_^

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