Question

what should I fill in the blank? I tried “Inventory”,but that's wrong

Sandhill Inc. uses a perpetual inventory system. At January 1, 2017, inventory was $216,648,500 at both cost and realizable value. At December 31, 2017, the inventory was $283,598,300 at cost and $268,029,100 at realizable value.

Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No entry” for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

No.

Account Titles and Explanation

Debit

Credit

(a)

Entry field with correct answer Cost of Goods Sold

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(b)

//<[CDATA[ pagespeed.dedupInlinedImages.inlineImg('pagespeed_img_cbMbvp1ndl1','pagespeed_img_cbMbvp1ndl12','pagespeed_script_13'); //]]> Loss Due to Decline of Inventory to NRV

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//<[CDATA[ pagespeed.dedupInlinedImages.inlineImg('pagespeed_img_cbMbvp1ndl1','pagespeed_img_cbMbvp1ndl18','pagespeed_script_19'); //]]> Allowance to Reduce Inventory to NRV

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