simmonss8677 simmonss8677
  • 09-01-2024
  • Business
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What is the appropriate journal entry at 12/31/2024 to adjust the account balance of inventory to LIFO-based amount?

a) Debit Inventory, Credit Cost of Goods Sold
b) Debit Cost of Goods Sold, Credit Inventory
c) Debit Retained Earnings, Credit Inventory
d) Debit Inventory, Credit Retained Earnings

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