Accounting




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accounting exams









General Accounting Discussions: adjusting entries

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    • CommentAuthormomma4_5
    • CommentTimeApr 17th 2008
     
    I need some help with determining the adjusting entry for this inventory...

    The cost (FIFO) of inventory at M/E was $32,439 and the market value was $31,833.

    Rules here are that FIFO inventory costing is used, appropraitely using the lower of cost method.

    I am thinking that I have to credit my inventory but I am unsure as to what account I am supposed to debit??? I am thinking COGS but I am unsure.

    Can someone give me some guidance here???PLEASE

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