fustrated
Dec 3, 2007, 07:25 AM
The cost (FIFO method) of locus invontory at July 31, was $32,439. The market value at July 31, of this inventory was 31,833.
How do I do an adjusting journal entry for this?
Do I dr income summary and cr. Inventory and do I use lower of market cost?
Please help
Thank you
Fustrated
How do I do an adjusting journal entry for this?
Do I dr income summary and cr. Inventory and do I use lower of market cost?
Please help
Thank you
Fustrated