A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000.Record the journal entry to report merchandise inventory at the correct amount

Solution:

In order to record the merchandise inventory on LCM with the correct amount, the following Journal entry will be passed in the books of account:

Dateaccount and explanation                               debit      credit

Dec 31The cost of goods sold (250000-200000)     50000  

Merchandise inventory                                                      50000

(To record inventory on LCM)  

Therefore, the cost of goods sold will be debited with an amount of $50000 and the Merchandise inventory will be credited with the same amount of $50000.

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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answer; i believe the correct answer is (4.0);