At 12/31/18, the end of Leo Company's first year of business, inventory was $4,800 and $3,700...

At 12/31/18, the end of Leo Company's first year of business, inventory was $4,800 and $3,700 at cost and at market, respectively. Prepare the entry at 12/31/18 necessary to implement the LCNRV procedure assuming Leo uses a contra account for its balance sheet.

At 12/31/19 inventory was $3,250 and $3,000 at cost and at market, respectively. Prepare the entry at 12/31/19 necessary to implement the LCNRV procedure assuming Leo uses a contra account for its balance sheet.

Expert Solution

ekkarill92 answered 1 year ago

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