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SExercises 6-2 1. Automobile Workers A worker in the automobile industry works an average of 43.7 hours per week. If the dist
Required information A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000.
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Answer #1

Journal entry

date account and explanation debit credit
Dec 31 Cost of goods sold (250000-200000) 50000
Merchandise inventory 50000
(To record inventory on LCM)

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