It is the end of the year and Katerinos Company is applying the lower-of-cost-or-market (LCM)rule to inventory.The company uses the perpetual inventory system.The company has obtained the following information before any year-end adjustments:
Required:
1.Following U.S.GAAP,prepare the required journal entry at year-end.
2.Following IFRS,prepare the required journal entry at year-end.

Question

It is the end of the year and Katerinos Company is applying the lower-of-cost-or-market (LCM)rule to inventory.The company uses the perpetual inventory system.The company has obtained the following information before any year-end adjustments:
  Required:
1.Following U.S.GAAP,prepare the required journal entry at year-end.
2.Following IFRS,prepare the required journal entry at year-end.

Quizplus · Accepted Answer

The Answer of It is the end of the year and Katerinos Company is applying the lower-of-cost-or-market (LCM)rule to inventory.The company uses the perpetual inventory system.The company has obtained the following information before any year-end adjustments:
  Required:
1.Following U.S.GAAP,prepare the required journal entry at year-end.
2.Following IFRS,prepare the required journal entry at year-end.

It Is the End of the Year and Katerinos Company