Business, 16.04.2020 20:52, sarahbug56

Dover Company began operations in 2017 and determined its ending inventory at cost and at LCNRV at December 31, 2017, and December 31, 2018. This information is presented belowcol1 Cost 12/31/17 $346,000 12/31/18 410,000 col2 Net Realizable Value $322,000 390,000a) Prepare the journal entries required at December 31, 2017, and December 31, 2018, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold methodb) Prepare journal entries required at December 31, 2017, and December 31, 2018, assuming inventory is recorded at LCNRV and a perpetual system using the loss methodc) Prepare the journal entries required at December 31, 2016, and December 31, 2017, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. d) Which of the two methods above provides the higher net income in each year?

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Dover Company began operations in 2017 and determined its ending inventory at cost and at LCNRV at D...