The historical cost of Jahn Company's ending inventory was less than the net realizable value.The company uses FIFO.Following U.S.GAAP,which journal entry is required?
A) debit Cost of Goods Sold and credit Sales
B) debit Inventory and credit Cost of Goods Sold
C) debit Cost of Goods Sold and credit Inventory
D) No journal entry is needed.
Correct Answer:
Verified
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