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Hunter-Best [27]
3 years ago
9

Select the correct answer.

Business
1 answer:
Llana [10]3 years ago
8 0

Answer:

B. production

Explanation:

Merchandise inventory refers to the finished and available goods the business has for sale. For a  manufacturing firm, merchandise inventory will mean the goods that have completed the manufacturing process and are awaiting sales. In the books of accounts, merchandise inventory is accounted for as current assets.

The production department is the unit tasked with ensuring that the business has a continuous flow of merchandise inventory. As selling activities are continuous, the production unit must keep up the pace by ensuring there is sufficient inventory for the sales team to sell.

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On April 1, Robert LLC purchased two units of inventory, A and B. The cost of unit A was $660, and the cost of unit B was $595.
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Answer:

Adjustment entry:

Cost of goods Sold A/c Dr.             $85

         To Inventory                                       $85

Explanation:

As for the provided information, using specific identity method, both goods are considered different and evaluated separately:

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Therefore, it will be valued at cost of $595, thus, no adjustment required.

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The difference that is $595 - $510 = $85 will be written off from inventory and will be charged to cost of goods sold.

Entry will be:

Cost of goods Sold A/c Dr.             $85

         To Inventory                                       $85

This will reduce the balance of inventory by $85, and will follow lower of cost or Net Realizable Value method.

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