A company's ending inventory is $450,000 using the perpetual FIFO inventory costing method. Replacement cost for the ending inventory is $420,000. Prepare the journal entry to adjust inventory.

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The Answer of A company's ending inventory is $450,000 using the perpetual FIFO inventory costing method. Replacement cost for the ending inventory is $420,000. Prepare the journal entry to adjust inventory.

A Company's Ending Inventory Is $450,000 Using the Perpetual FIFO